Wall Street’s Corporate Crypto Treasury Moves Expand to Altcoins with Hyperliquid’s HYPE in Spotlight
The trend of corporate crypto treasuries is broadening beyond Bitcoin, as institutional interest now turns toward altcoins like Hyperliquid’s HYPE token. However, analysts remain divided over its near-term growth potential.
Michael Saylor’s pioneering approach of using company funds to buy Bitcoin has evolved from an outlier strategy into a widespread practice. A recent Wall Street Journal report reveals that U.S. companies have raised over $85 billion in 2025 to acquire cryptocurrencies—surpassing this year’s total capital raised from U.S. IPOs.
Unlike 2020, when MicroStrategy was a lone player, a growing roster of firms—from toy makers to chip manufacturers—are adopting similar strategies with support from major institutional investors such as Capital Group, Galaxy Digital, and D1 Capital. This wave extends beyond Bitcoin, targeting altcoins with potentially higher risk and reward.
A standout example is Hyperliquid Strategies Inc. (HSI), a newly formed publicly traded company focused on building a corporate crypto treasury centered around the HYPE token, native to the Hyperliquid blockchain.
HSI: The Merger Behind the Strategy
On July 14, Sonnet BioTherapeutics (SONN) announced a reverse merger with Rorschach I LLC, a special purpose vehicle backed by Atlas Merchant Capital, Paradigm, and other leading crypto investors. Post-merger, Sonnet will rebrand as Hyperliquid Strategies Inc. and trade on the Nasdaq Capital Market. This marks a shift from biotech to a crypto treasury strategy targeting HYPE tokens instead of Bitcoin or Ethereum.
At closing, HSI will hold 12.6 million HYPE tokens valued at roughly $583 million, with plans to invest an additional $305 million acquiring more tokens in the open market. If completed, HSI will hold one of the largest institutional altcoin reserves ever publicly disclosed.
Bob Diamond, former Barclays CEO and current Atlas CEO, who will chair HSI, views this move as more than financial, emphasizing Hyperliquid’s unique position in digital assets due to the company’s blend of crypto-native and traditional finance expertise.
Matt Huang, co-founder of Paradigm, noted rising institutional demand for Hyperliquid but acknowledged that access to HYPE tokens remains limited within the U.S.
Sonnet will remain a wholly owned subsidiary managing biotech assets but plans to divest non-core businesses, with shareholders receiving contingent value rights tied to Sonnet’s therapeutic portfolio.
HSI’s board will include Bob Diamond, Eric Rosengren (former Boston Fed president), and other financial leaders. Backed by Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital, the deal is expected to close by the end of 2025.
Understanding Hyperliquid and the HYPE Token
Launched in 2023, Hyperliquid is a high-performance layer-1 blockchain and decentralized exchange designed to combine the speed and user experience of centralized platforms with the transparency and permissionless nature of DeFi.
Its infrastructure includes two key components:
- HyperCore: An on-chain order book engine supporting spot and perpetual futures trading, capable of handling over 200,000 orders per second.
- HyperEVM: An Ethereum-compatible smart contract platform enabling developers to build DeFi applications integrated with HyperCore’s liquidity.
HYPE is the native token, used for staking, governance, trading incentives, and value capture across the network. Currently, HYPE ranks as the 15th largest cryptocurrency by market cap, with Hyperliquid processing over $1 trillion in cumulative trading volume.
Analyst Opinions: Mixed Signals Amid Strong Fundamentals
Despite solid institutional support and a strong rally—from $37.41 to nearly $50 in July—analyst views on HYPE’s valuation differ.
Crypto analyst “McKenna” recently argued that HYPE remains undervalued. Using a sales-weighted price-to-earnings (SWPE) model and trailing 30-day revenue of $3.2 million, he estimated a fair value around $77, reflecting the token’s previous market peak multiples.
Conversely, “Altcoin Sherpa” expressed caution, recognizing HYPE’s strong fundamentals—high user engagement, sound tokenomics, and capable team—but suggesting the rapid rise from $9 to over $40 may have exhausted short-term upside. Holding a small staking position, he recommended waiting for a price correction before increasing exposure.
These contrasting perspectives illustrate the balance between robust fundamentals and short-term market speculation driving token prices.
A New Era for Corporate Crypto Treasuries
Regardless of HYPE’s price direction, the launch of Hyperliquid Strategies Inc. signals a shift in corporate crypto treasury management. Unlike earlier Bitcoin-centric approaches, HSI’s strategy focuses on a single altcoin launched just two years ago.
With combined token and cash commitments surpassing $888 million, HSI resembles a thematic crypto fund but with the transparency and oversight of a publicly traded company.
If successful, this model could inspire other firms to raise capital and concentrate investments on tokens they believe will define the future of digital finance.
