New Nasdaq-Listed Company, Hyperliquid Strategies, to Hold $583M in HYPE Tokens

• Hyperliquid Strategies to hold $888M in assets, including $583M in HYPE tokens.
• Merger makes HSI the largest U.S.-listed firm with direct HYPE exposure.
• Backed by Paradigm, Galaxy, and others to bridge crypto and equity markets.

A new publicly traded company focused on crypto treasury management is set to emerge from a merger between the Nasdaq-listed Sonnet BioTherapeutics Holdings and Rorschach I LLC. The new, combined entity, named Hyperliquid Strategies Inc. (HSI), will control $888 million in total assets. 

This includes a large allocation of the HYPE token and over $300 million in cash, according to a joint statement published on Monday.

A New Way for Investors to Get HYPE Exposure

Hyperliquid Strategies will hold 12.6 million HYPE tokens, the native token of the Hyperliquid decentralized exchange. At the time of the agreement, these token holdings were valued at approximately $583 million. The deal also includes $305 million in cash, which is earmarked for future token purchases and operational capital.

The newly created company aims to become the largest U.S.-listed public company with direct HYPE token holdings on its balance sheet. This mov…

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