Sonnet BioTherapeutics Unveils $888 Million HYPE Token Treasury Strategy

Biotech firm Sonnet jumped into crypto with an $888 million HYPE token strategy, sending its stock soaring and creating a new public entity focused on Hyperliquid.

(Photo of Art Rachen on Unsplash)

Posted July 15, 2025 at 10:28 am EST.

Sonnet BioTherapeutics, a Nasdaq-listed biotech company, has announced a major strategic pivot into the crypto sector by forming an $888 million Hyperliquid (HYPE) token treasury.

It will be executed through a business combination with a newly formed entity Rorschach, resulting in the creation of Hyperliquid Strategies Inc. (HSI), which is set to be the largest U.S.-listed public company holding the HYPE token on its balance sheet.

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HSI will hold approximately 12.6 million HYPE tokens, valued at about $583 million at the time of the agreement, along with $305 million in cash. The cash reserve is earmarked for further HYPE token purchases and operational capital.

The initiative is supported by high-profile investors, including Paradigm, Galaxy Digital and Pantera Capital.

Sonnet shares surged 200% in pre-market trading on Monday, ending the day up 86% at $9.64.