The Hyperliquid (HYPE) ecosystem has been gaining a lot of attention and adoption from major companies. Over the past month, several entities have either purchased the native token or integrate it into their financial strategies.
This momentum has contributed to the crypto’s bullish price action. Data from CoinGecko indicates that the token saw a 22% appreciation over the past week, and 1.5% gains over the past hour as the crypto recorded a new all-time high above $49.
US Company Rebrands And Buys Millions in HYPE
According to a press release, Sonnet BioTherapeutics, a publicly traded company on the US Nasdaq Exchange under the ticker SOON, inked a partnership with Rorschach and Atlas Merchant Capital, an entity associated with Paradigm Operations.
In collaboration with its partners, the company will ‘transform’ its business to build a crypto treasury based on HYPE. Per the document, Sonnet will create a new company called Hyperliquid Strategies.
As part of its newly created treasury strategy, the company will hold around 12.5 million in HYPE or $583 million in this crypto. In total, the company is expected to inject over $888 million into the Hyperliquid ecosystem via its native token.
In addition to Paradigm, the newly created entity will invest in the HYPE token with contributions from top crypto firms, such as Galaxy Digital, Pantera Capital, Republic Digital, 683 Capital, and D1 Capital.
The company plans to change its ticker from SOON to HSI and remain as a US publicly traded company. In that sense, and like other companies using crypto treasury reserves, such as Michael Saylor’s Strategy, US investors can buy the company’s stock to gain indirect exposure to the token.
As part of the company’s restructuring, Bob Diamond, CEO of Atlas, will operate as Chairman, while David Schamis, CIO of Atlas, will act as CEO. Over the coming weeks, the company is expected to appoint other executive positions, including adding a former Boston Federal Reserve (Fed) former president to its ranks.
On the newly formed company, Bod Diamond stated:
HYPE To See Further GainsWe are delighted by this opportunity to partner with Sonnet in establishing a leading crypto treasury management strategy to ultimately deliver strong value to shareholders. We believe HYPE and the Hyperliquid protocol represent a truly differentiated offering within the digital asset space. We believe Hyperliquid Strategies will be well placed to maximize these opportunities because of our unique team of investors and operators with deep, relevant crypto and financial services experience
HYPE has been one of the fastest growing assets in the crypto market since its launch in late 2024. The cryptocurrency rose from under $5 to its current all-time high at around $49 in only 10 months.
As mentioned, the token has gained adoption from retail and institutional investors alike and seems poised to see further gains as more onboard its ecosystem. Matt Huang, Co-Founder of Paradigm also stated:
Hyperliquid has broken out as a crypto project with real fundamentals: strong core contributors, exacting product quality, and meteoric growth. We hear lots of institutional demand for exposure to Hyperliquid, yet the native token HYPE is difficult to access in the United States. We are excited about this treasury strategy, which we believe will contribute to the Hyperliquid ecosystem in many ways over time.
Cover image from ChatGPT, HYPEUSDT chart from Tradingview
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