HYPE Token Surges 200.9% as Hyperliquid Strategies Inc. Merges with Sonnet BioTherapeutics

The cryptocurrency market has witnessed a surge in momentum around Hyperliquid, with its native token HYPE experiencing a significant increase in value and attracting heightened institutional attention.

In a strategic move that underscores growing confidence in digital assets, Nasdaq-listed Sonnet BioTherapeutics has announced a merger and rebranding initiative aimed at establishing one of the largest crypto treasuries in the market. This development coincides with HYPE reaching new all-time highs, driven by robust fundamentals, increasing user activity, and key infrastructure upgrades on its Layer 1 blockchain, HyperEVM.

The HYPE token has seen an impressive 200.9% price increase over the past three months, reaching an all-time high of $49.75 on July 14, 2025. Currently ranked 12th by market capitalization, HYPE is trading around $48.15, with a total market cap exceeding $16 billion and a fully diluted valuation of over $48 billion. This growth has not only captured the interest of retail investors but has also sparked significant institutional interest, particularly from firms seeking exposure through public markets.

Fueling this excitement is the recent merger of Sonnet BioTherapeutics, which is transforming into a crypto-focused treasury company under the new name Hyperliquid Strategies, Inc. In a major strategic shift, Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC, a crypto investment vehicle affiliated with Atlas Merchant Capital and Paradigm Operations. The combined entity, Hyperliquid Strategies, is set to become a Nasdaq-listed crypto treasury firm, holding 12.6 million HYPE tokens alongside $305 million in cash, with a total estimated value of $888 million at deal closing.

Once the transaction is complete, Hyperliquid Strategies will begin trading under a new ticker, providing investors with regulated market access to the HYPE ecosystem. The board will feature high-profile names, including Atlas co-founder Bob Diamond as chairman and former Boston Fed president Eric Rosengren, signaling institutional confidence in this new venture.

Beyond market excitement, Hyperliquid’s ecosystem fundamentals are also strengthening rapidly, driven largely by the performance of its native Layer 1 blockchain, HyperEVM. HyperEVM has now surpassed $2 billion in total value locked, placing it ninth among all Layer 1 blockchains and ahead of notable names like Avalanche. The chain has maintained strong on-chain activity, processing between 200,000 and 400,000 transactions daily, with a steady user base of 15,000 to 20,000 active addresses. Notably, over 175 teams are now building dApps on the network, supported by recent infrastructure innovations like the CoreWriter smart contract, which enables direct interaction between HyperEVM and HyperCore — Hyperliquid’s flagship perpetuals exchange.

Investor excitement is also being fueled by growing speculation of another HYPE airdrop, following the massive 310 million token distribution in November 2024, which at its peak was valued at nearly $7.5 billion. With nearly 39% of the token supply still earmarked for future incentives, traders are closely watching on-chain developments and governance activity, hoping for another windfall. The rise in TVL, the launch of key DeFi applications like Felix and HyperLend, and the continued evolution of the HyperEVM protocol have all contributed to this optimism.

HYPE’s price trajectory and institutional adoption are now seen as strong indicators of its long-term viability in a competitive digital asset landscape. The merger between Sonnet BioTherapeutics and Rorschach I LLC, resulting in the creation of Hyperliquid Strategies Inc., marks a significant development in the cryptocurrency sector. The substantial investment in HYPE tokens and the 200% price surge highlight the market's optimism about the potential of this new entity. As the crypto market continues to evolve, Hyperliquid Strategies Inc. is well-positioned to play a leading role in shaping its future.