A trend that started with Bitcoin (BTC) on corporate balance sheets is now evolving into something more aggressive, as public companies move beyond simply holding crypto and begin aligning themselves with specific crypto ecosystems.
The shares of Sonnet BioTherapeutics, a public biotech firm focusing on immunotherapy treatments, surged over 300% on July 14. Consequently, the company agreed to an $888 million merger with Rorschach I to form Hyperliquid Strategies, a new public company built around HYPE, the native token of the Hyperliquid ecosystem.
According to a Monday press release, Hyperliquid Strategies anticipates holding 12.6 million HYPE tokens, valued at approximately $583 million based on prices at signing, along with at least $305 million in cash contributed by new investors.
Participants in the deal include crypto VC giant Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. The company plans to use the proceeds to expand its HYPE holdings, aiming to become the “largest U.S.-based publicly listed company to hold HYPE in its treasury.”
Crypto Treasuries Ignite: Companies Embrace Digital Assets
The latest deal reflects a broader trend of public companies building crypto treasuries with altcoins at their core. Last month, Standard Chartered reported that 61 publicly listed firms had adopted Bitcoin treasury strategies by mid-June 2025.
Furthermore, Galaxy Research recently identified 53 dedicated crypto treasury entities allocating assets across eight tokens: 36 focused on Bitcoin; five on Solana; three on XRP; two each on Ethereum, BNB, and HYPE; and one each on TRX, Fetch.ai, and a general altcoin portfolio.
Sonnet isn’t the first public company to back HYPE. In late June, $50 million was raised by ophthalmic tech firm Eyenovia in a private placement to buy over one million HYPE tokens at about $34 apiece.
Eyenovia plans to run a network validator to support the Hyperliquid blockchain and earn staking rewards. Shortly after Eyenovia’s deal, publicly traded Lion Group secured a $600 million facility from ATW Partners to launch its own HYPE Treasury.
Lion Group’s proposed HYPE Treasury is part of a broader on-chain initiative that will hold three main digital assets: HYPE, Solana (SOL), and Sui (SUI). The company plans to make HYPE its main reserve asset. Meanwhile, BitGo will store and stake SOL and SUI through a new partnership between the two companies.
