Hyperliquid's HYPE Token Sees Surge in Institutional Backing, Companies Raise Over $85 Billion to Buy Cryptocurrencies

Michael Saylor's bitcoin treasury strategy is now being mimicked by companies across America, raising over $85 billion in 2025. Hyperliquid Strategies Inc. is being formed to hold large reserves of HYPE, the native token of the Hyperliquid blockchain. The company will initially hold 12.6 million HYPE tokens, valued at $583 million, and deploy at least $305 million more to acquire additional HYPE. The CEO of Atlas Merchant Capital, Bob Diamond, believes HYPE is "pretty special" and that Hyperliquid offers a differentiated offering in the digital asset space.

Michael Saylor's bitcoin treasury strategy, once a fringe concept, has gained significant traction among corporate America, with companies raising over $85 billion in 2025 to buy cryptocurrencies for their corporate treasuries [1]. This trend has extended beyond bitcoin to include lesser-known tokens, often with higher risk-reward profiles.

One of the most prominent examples of this shift is Hyperliquid Strategies Inc. (HSI), a public crypto treasury company being formed to hold large reserves of HYPE, the native token of the Hyperliquid blockchain. HSI is being created through a reverse merger with biotech firm Sonnet BioTherapeutics (SONN), which will become a wholly owned subsidiary of HSI after the deal closes [1].

The initiative was disclosed on July 14, when Sonnet announced a reverse merger with Rorschach I LLC, a newly formed entity backed by Atlas Merchant Capital, Paradigm, and other prominent investors. Upon closing, the combined entity will be renamed Hyperliquid Strategies Inc. (HSI) and continue trading on the Nasdaq Capital Market. HSI will initially hold 12.6 million HYPE tokens, valued at $583 million at the time of signing. It will also allocate at least $305 million in additional capital to acquire more HYPE on the open market, creating one of the largest known altcoin-focused treasuries [1].

Hyperliquid is a decentralized exchange (DEX) and a high-performance layer-1 blockchain launched in 2023. It offers the speed and trading experience of centralized exchanges with the transparency and permissionless access of decentralized finance (DeFi) [1]. HYPE is the native token of the Hyperliquid ecosystem, used for staking, governance, trading incentives, and as the core asset for value capture across the network [1].

The creation of HSI marks a turning point in how corporate crypto treasury strategies are being executed. Unlike earlier models that focused on bitcoin as a digital reserve asset, HSI is being built around a single altcoin that didn’t exist a year ago. With more than $888 million in combined token and cash commitments, the structure resembles a thematic crypto fund—with a public listing and institutional leadership [1].

The CEO of Atlas Merchant Capital, Bob Diamond, believes HYPE is "pretty special" and that Hyperliquid offers a differentiated offering in the digital asset space [1]. The board of HSI will be chaired by Bob Diamond, a former CEO of Barclays and co-founder of Atlas Merchant Capital. Eric Rosengren, the former president of the Boston Federal Reserve, is expected to join as a director. The deal is backed by Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital, and is scheduled to close in the second half of 2025 [1].

Whether HYPE continues climbing or cools from here, the creation of Hyperliquid Strategies Inc. marks a significant shift in how companies are approaching their crypto treasury strategies. As more firms follow this approach, the market may witness a more thematic focus on altcoins, potentially driving innovation and growth in the digital asset space.

References:
[1] https://www.coindesk.com/markets/2025/07/27/what-s-next-for-hyperliquid-s-hype-token-what-wall-street-and-analysts-are-saying