Hyperliquid Strategies Forms $888M Nasdaq Crypto Treasury
Hyperliquid Strategies emerged from a reverse merger with Nasdaq-listed Sonnet BioTherapeutics, creating an $888 million crypto treasury. The public company now holds 12.6 million HYPE tokens and $305 million in cash. Backed by investors including Paradigm, Galaxy Digital and Pantera Capital, Hyperliquid Strategies leverages the Nasdaq listing to offer regulated stock exposure to digital assets. Bypassing an IPO, the merger repurposes Sonnet’s shell for a public crypto treasury model that bridges DeFi and traditional markets. Traders should monitor the HYPE token utility roadmap, regulatory developments and competitive landscape among public crypto investment vehicles. This deal highlights growing institutional acceptance of crypto treasuries and underscores bullish momentum for HYPE tokens.
Bullish
The reverse merger and Nasdaq listing turn Hyperliquid Strategies into a well-capitalized public crypto treasury—holding over 12 million HYPE tokens and significant cash reserves—which is likely to drive strong demand for HYPE tokens. Short term, the Nasdaq stock could attract trading momentum for HYPE exposures. Long term, institutional backing, regulated market access, and transparent treasury management may stabilize and grow the HYPE token’s market value, signaling a bullish outlook.