Biotech company Sonnet BioTherapeutics has announced a strategic pivot into the cryptocurrency space by launching a dedicated digital asset initiative.
Strategic Move into Cryptocurrency
Nasdaq-listed Sonnet BioTherapeutics has revealed a strategic pivot into the crypto sector by forming a business combination with newly created Rorschach to craft a treasury strategy focused on the HYPE token, the native crypto of the Hyperliquid ecosystem.
Planned Assets and Structure
With this agreement, Sonnet will transition into Hyperliquid Strategies Inc. (HSI), expected to be the largest publicly listed holder of the HYPE token in the U.S. HSI plans to hold 12.6 million HYPE tokens, valued at approximately $583 million at the time of the agreement, and aims to have $305 million in cash, bringing the total valuation to $888 million.
Support and Future Steps
Sonnet's new initiative is backed by notable firms such as Atlas Merchant Capital, Paradigm, and Galaxy Digital. HSI will allow investors to gain indirect exposure to HYPE through equity markets, bridging traditional finance with blockchain infrastructure. Sonnet will continue to operate as a subsidiary under HSI while retaining its ongoing clinical oncology assets.
Sonnet BioTherapeutics is stepping into a new domain that merges biotechnology with cryptocurrency, potentially opening new avenues for investors.
