Michael Saylor’s controversial Bitcoin Treasury strategy is no longer fringes – it is imitated across corporate America. According to a recent Wall Street Journal report, companies have raised more than $ 85 billion in 2025 to buy cryptocurrencies for their corporate chains – more than twice the amount raised in US IPOs this year.
Unlike in 2020, when Microstrateys Saylor was alone in selling shares to buy Bitcoin, performing a new wave of companies – from toy manufacturers to semiconductor companies – similar strategies with institutional support. Capital Group, Galaxy Digital and D1 Capital are among the companies that pour cash into companies that raise money to accumulate digital assets directly. The wave has expanded beyond Bitcoin to include lesser -known tokens, often with higher risk salary profiles.
One of the most prominent examples is Hyperliquid Strategies Inc. (HSI), a public crypto -state box company formed to have large reserves of hype, the native token of the hyperliquid blockchain.
How HSI was created: Atlas and Sonnet go together
The HSI initiative was revealed on July 14, when Sonnet Biotherapeutics (NASDAQ: SONN) announced a reverse merger with Rorschach in LLC, a newly created unit supported by Atlas Merchant Capital, Paradigm and other prominent investors. The transaction will transform Sonnet into a vehicle into a corporate crypto treasury strategy focusing on hype.
Upon closure, the combined unit is renamed Hyperliquid Strategies Inc. (HSI) and continues to act at Nasdaq Capital Market. HSI will initially have 12.6 million hype -tokens, valued at $ 583 million at the time of signing. It will also award at least $ 305 million in additional capital to acquire more hype in the open market, creating one of the largest known altcoin-focused treasuries.
Sonnet will remain a wholly owned subsidiary of HSI that maintains its biotech -f & u in parallel. Investors will receive conditional value rights (CVRs) tied to the performance of Sonnet’s therapeutic pipeline.
The Board of Directors of HSI will be chairman of Bob Diamond, a former CEO of Barclays and co -founder of Atlas Merchant Capital. Eric Rosengren, former President of Boston Federal Reserve, is expected to participate as director. The deal is supported by Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital and 683 Capital and is scheduled to close in the second half of 2025.
What is hyperliquid and how does the hype -token work?
Hyperliquid is the name of a decentralized exchange (DEX) and a high-performance LAG-1 blockchain launched by 2023. It was designed to offer the speed and trade experience of centralized exchanges with transparency and permission-free access to decentralized financing (DEFI).
Its infrastructure includes two core layers:
- Hypercore, which drives high-speed spot and eternal futures trade in order books on chain supports over 200,000 orders per year. Second.
- Hyperevm, a generally smart contract layer that is compatible with Ethereum that allows developers to build defi-applications that may interact with Hypercore’s liquidity.
Hype is the native token for the hyperliquid ecosystem. It is used for efforts, governance, trading incitaments and as a core active for valuation across the network. From the time of writing, Hype is the fifth largest cryptocurrency at market value and hyperliquid has treated over $ 1 trillion in cumulative trading volume.
Analystic Comment: strong basic elements, diverging views
The wave in institutional attention has not settled the debate on Hype’s valuation – despite the strong rally earlier this quarter from a low level of $ 37.41 to almost $ 50 (reached on July 14).
According to writing, according to Coindesk data, hype is the hype to $ 42.77, 3.69% in the last 24-hour period.
Crypto analyst “McKenna” suggested on Saturday that hype can still be underestimated based on revenue measurements. He considered that if the token traded for the same valuation several (known as SWP or sales-weighted price-to-earnings), it reached during its last market stop, its current 30-day average revenue of $ 3.2 million would contain a reasonable price of $ 77.
In contrast, “Altcoin Sherpa” signaled caution earlier today. While praising Hype’s basic elements-inclusive high user activity, reliable tokenomics and strong team execution, he stated that the move from $ 9 to over $ 40 probably depleted the short-term upside. He said he had a little effort for long -term exposure, but not actively accumulated more at current prices. He suggested he would wait for a more significant withdrawal before he increased his allocation.
The two views illustrate a key tension: Even with high revenue and institutional support, tokens as hype can be overlooked in the short term – especially when driven by narrative momentum and speculative capital.
Institutional ALTCOIN -Inserts are just getting started
Whether hype continues to climb or cool off, the creation of Hyperliquid Strategies Inc (HSI) marks a turning point in how company -crypto -state strategies are performed. Unlike previous models that focused on Bitcoin as a digital reserve asset, HSI is built around a single altcoin that did not exist a year ago. With more than $ 888 million in combined token and cash obligations, the structure resembles a thematic cryptofond – but with a public list and institutional leadership.
If this approach proves to be successful, more companies can follow – raising capital not only to keep crypto but to take concentrated positions in symbols, they believe will define the next phase of digital financing.
