Sonnet Biotech Transforms with $888M HYPE Treasury Fund

Sonnet BioTherapeutics collaborates with notable investors to establish a $888 million HYPE treasury in a significant strategic shift away from its biotech origins.

This move positions Sonnet’s offshoot, Hyperliquid Strategies Inc., as a major player in digital assets, holding 12.6 million HYPE tokens.

$888 Million Treasury Fund Marks New Era for Sonnet

Sonnet BioTherapeutics has initiated a transformative pivot, collaborating with Rorschach I LLC and strategic investors to shift from biotech to digital assets with an $888 million treasury.

This includes forming Hyperliquid Strategies Inc., with Bob Diamond and David Schamis taking leadership roles to capitalize on digital asset trends.

Hyperliquid Strategies Inc. Becomes Leading HYPE Token Holder

The creation of this treasury fund establishes Hyperliquid Strategies Inc. as the largest US public holder of HYPE tokens, reshaping Sonnet’s business trajectory significantly.

“Bob Diamond, Co-founder and CEO, Atlas, This transformative deal represents a significant step forward in the evolving landscape of digital assets and establishes Hyperliquid Strategies Inc. as a key player in the crypto treasury space.”

Analysts suggest this large-scale token acquisition will enhance on-chain liquidity, indicating institutional confidence in HYPE and potentially influencing its supply and circulation dynamics.

Sonnet’s Move Mirrors High-Profile Corporate Crypto Strategy

This strategy mirrors moves by firms like MicroStrategy but on a novel token, setting a new precedent in crypto treasury models.

Industry commentators highlight the shift as a bold strategy, enhancing governance influence over the HYPE ecosystem while reshaping Sonnet’s market identity and expectations.

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