Once a niche tactic, Michael Saylor’s debated bitcoin treasury maneuver has now permeated corporate America. Companies have collectively amassed over $85 billion so far in 2025 to bolster their corporate treasuries with cryptocurrencies, more than doubling the capital raised via U.S. IPOs this year, as reported by the Wall Street Journal.
Back in 2020, MicroStrategy’s Saylor mostly stood solo in offloading shares to snap up bitcoin. Fast forward, and a fresh cohort of firms—ranging from toymakers to chip manufacturers—is adopting this playbook with solid institutional muscle behind them. Big names like Capital Group, Galaxy Digital, and D1 Capital are fueling ventures that raise capital specifically to gather digital assets. This upswing extends beyond bitcoin, reaching into the realm of less mainstream tokens with riskier, yet potentially more rewarding profiles.
Take Hyperliquid Strategies Inc. (HSI) for instance—a rising public crypto treasury outfit gearing up to hold sizable hoards of HYPE, the signature token native to the Hyperliquid blockchain.
The Genesis of HSI: When Atlas and Sonnet Collide
On July 14, the curtain was lifted on the HSI project, featuring Sonnet BioTherapeutics (SONN) entering a reverse merger with Rorschach I LLC—a fresh shell entity backed by Atlas Merchant Capital, Paradigm, and a clutch of notable crypto patrons. Rather than focusing on bitcoin or ether, this fusion plans to pivot Sonnet into a platform executing a corporate crypto treasury strategy centering on HYPE.
Once the ink dries, the newly merged company will adopt the Hyperliquid Strategies Inc. banner and keep its Nasdaq Capital Market ticker. Initially, HSI will possess 12.6 million HYPE tokens valued at $583 million at signing, with plans to pour at least another $305 million into buying HYPE on the open market. When fully realized, this move could establish one of the heftiest institutional altcoin reserves ever publicly disclosed.
Quick Fact: As of mid-2025, Hyperliquid has processed over $1 trillion in total trading volume, and HYPE ranks as the 15th largest crypto asset by market cap—figures that underline its growing footprint in decentralized finance.
Bob Diamond, the new chairman of HSI and ex-Barclays CEO, emphasizes that the opportunity transcends mere dollars. In his view, “We think HYPE is pretty special.” He highlights Hyperliquid’s unique positioning, blending crypto-native savvy with traditional financial expertise, as the secret sauce behind HSI’s potential to capitalize on this distinct digital asset.
Paradigm’s co-founder Matt Huang acknowledges swelling institutional appetite for Hyperliquid, though he points out that direct U.S. access to the HYPE token remains somewhat constrained.
While Sonnet will operate as a fully owned HSI subsidiary, managing its biotech endeavors, the company intends to shed non-core holdings. Current investors will be compensated through contingent value rights (CVRs) linked to Sonnet’s therapeutic pipeline.
The HSI board lineup boasts notable figures such as Bob Diamond and Eric Rosengren, the former Boston Federal Reserve president, alongside fresh financial leaders. Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital back the deal, which is slated to complete in the latter half of 2025.
Understanding Hyperliquid and the Mechanics Behind the HYPE Token
Hyperliquid, launched in 2023, operates as both a decentralized exchange (DEX) and a high-speed layer-1 blockchain. Designed to marry the lightning-fast trading feel of centralized platforms with the openness and zero-permission ethos of DeFi, its architecture is a dual-engine setup.
- HyperCore — the workhorse behind rapid spot and perpetual futures trading, boasting over 200,000 orders processed per second through on-chain order books.
- HyperEVM — a versatile smart contract layer compatible with Ethereum, empowering developers to craft DeFi apps that tap into HyperCore’s liquidity pool.
Within this ecosystem, HYPE serves multiple crucial roles: staking, governance, rewards for traders, and acting as the central asset capturing value across the network.
Market Standing Snapshot
- 15th largest cryptocurrency by market capitalization
- Cumulative trading volume exceeding $1 trillion
- Supports an average daily order flow of hundreds of thousands of transactions
Analysts Weigh In: Strong Underpinnings Meet Divergent Perspectives
Despite a solid surge earlier this quarter—from a low near $37.41 to a peak nudge at $50 on July 14—HYPE’s valuation remains a heated topic among crypto pundits.
At the moment, CoinDesk data places HYPE at $42.77, reflecting a 3.69% dip over the preceding 24 hours.
Saturday’s commentary from crypto analyst “McKenna” leaned bullish, suggesting HYPE’s current pricing undervalues its revenue streams. Applying a sales-weighted price-to-earnings (SWPE) ratio equivalent to its last market peak, McKenna estimates a fair value closer to $77—based on the token’s 30-day average revenue of $3.2 million. This valuation approach is a familiar staple in both traditional equity and crypto asset analyses.
Conversely, “Altcoin Sherpa” urged caution earlier today. Praising HYPE’s robust fundamentals—strong user engagement, sound tokenomics, and capable leadership—he posited that the explosive climb from $9 to over $40 likely tapped out short-term gains. Holding a modest staking position for the long haul, he refrains from expanding his stake until a more pronounced retracement materializes.
The contrasting opinions underscore a key tension: even with solid revenue footing and institutional backing, tokens like HYPE can overshoot in the near term amid hype-driven speculation.
Institutional Altcoin Playbooks Are Only Getting Warmed Up
Regardless of whether HYPE’s trajectory keeps soaring or takes a breather, Hyperliquid Strategies Inc. represents a watershed moment in corporate crypto treasury tactics. Departing from bitcoin-centered safekeeping, HSI is architected around a single altcoin that only debuted last year. With over $888 million locked in combined token holdings and cash commitments, this setup mirrors a specialized crypto fund—but with the added perks of a public listing and seasoned institutional governance.
Should this blueprint pay off, it could inspire a wave of corporations raising capital not just to stash crypto assets, but to concentrate bets on tokens they believe will steer the next chapter of digital finance.
