What awaits the HYPE token of Hyperliquid? A perspective from Wall Street.

The strategy of using Bitcoin as a reserve asset in the corporate treasury of Michael Saylor – which was once controversial and seen as eccentric – has now become a model for many businesses in America. According to a new report from the Wall Street Journal, companies raised over 85 billion USD in 2025 to purchase cryptocurrency for their treasuries – double the total amount raised from IPOs in America during the same period.

In 2020, Saylor was a pioneer in selling MicroStrategy shares to buy Bitcoin, but this year a new wave is occurring more strongly, extending from toy manufacturers to semiconductor companies, backed by large investment organizations such as Capital Group, Galaxy Digital, and D1 Capital. They are investing in companies that plan to accumulate digital assets directly. Besides Bitcoin, this flow of money is also going into many lesser-known tokens that offer higher risk-return potential.

Hyperliquid Strategies Inc.: A public treasury company dedicated to HYPE token

A typical example of the new trend is Hyperliquid Strategies Inc. (HSI), a cryptocurrency treasury company being established with the goal of holding a large amount of HYPE – the native token of the Hyperliquid blockchain.

How was HSI created?

On July 14, Sonnet BioTherapeutics ( stock code: SONN) announced a reverse merger with Rorschach I LLC – a company supported by Atlas Merchant Capital, Paradigm, and leading cryptocurrency investors. This transaction will transform Sonnet into a platform specializing in implementing treasury strategies focused on the HYPE token, rather than Bitcoin or Ethereum.

After the merger is completed, the merged entity will be renamed Hyperliquid Strategies Inc. (HSI) and will continue to be listed on the Nasdaq Capital Market. HSI will own 12.6 million HYPE tokens – worth 583 million USD at the time of signing – and commits to spend at least 305 million USD to purchase additional HYPE on the open market. If fully realized, HSI will own one of the largest altcoin reserves ever held by institutions.

Mr. Bob Diamond – CEO of Atlas and former CEO of Barclays – will be the Chairman of the Board of Directors of HSI. According to him, this is not just a financial deal but also a strategic one: "We believe that HYPE is a unique asset." Diamond stated that the HSI team has an advantage due to the combination of traditional financial expertise and deep understanding of cryptocurrency.

Matt Huang – co-founder of Paradigm – noted that the demand from organizations for Hyperliquid is increasing, but direct access to HYPE in America is still limited.

Although Sonnet will become a wholly owned subsidiary of HSI and continue to manage current biological programs, the company plans to divest from non-core assets. Current shareholders will receive future value warrants (CVR) linked to Sonnet's pharmaceutical portfolio.

The HSI board will include Bob Diamond and Eric Rosengren – former President of the Boston Fed – along with new financial leaders. This transaction is backed by Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital, and is expected to be completed in the second half of 2025.

How Hyperliquid and the HYPE token work?

Hyperliquid is a high-speed Layer-1 blockchain that also serves as a decentralized exchange (DEX), launched in 2023. The project is designed to combine the trading experience of centralized exchanges with the transparency and open accessibility of DeFi.

The main infrastructure consists of two layers:

• HyperCore: supports high-speed spot and futures trading with on-chain order books, processing over 200,000 orders per second.
• HyperEVM: an Ethereum-compatible smart contract layer that allows the development of DeFi applications that interact directly with liquidity from HyperCore.

HYPE Token is used for staking, governance, trading rewards, and as a core asset to attract value in the ecosystem. At the time of writing, HYPE is the 15th largest cryptocurrency by market capitalization, and Hyperliquid has processed a total trading volume exceeding 1 trillion USD.

Analysis Review: Solid Foundation, Divergent Views

Despite being sought after by organizations, the value of HYPE remains a controversial topic. From a low of 37.41 USD at the beginning of the quarter, HYPE surged to nearly 50 USD on July 14, but has currently adjusted to 44 USD, a decrease of 3% in the past 24 hours.

Analyst "McKenna" believes that HYPE is still undervalued compared to its current revenue. He estimates that if HYPE trades at the SWPE ( price-to-earnings ratio weighted by revenue ) as it did at its previous peak, with an average revenue of 3.2 million USD over the last 30 days, then the fair price of HYPE should be 77 USD.

On the contrary, "Altcoin Sherpa" appears cautious, believing that the increase from 9 USD to over 40 USD has nearly exhausted the short-term upside potential. Although he still maintains a small staking position, he has no plans to buy more at the current price level and will wait for a deeper correction.

These conflicting views reflect a common reality: despite having high revenue and strong organizational backing, tokens like HYPE are still prone to being overvalued in the short term due to the influence of speculative sentiment and media waves.

Institutional altcoin betting has just begun

Regardless of whether HYPE continues to rise or adjust, the emergence of Hyperliquid Strategies Inc. marks a milestone that reflects a new approach in the corporate digital treasury strategy. Instead of merely accumulating Bitcoin as a reserve asset, HSI is built around an altcoin that is less than a year old.

With a total commitment of over 888 million USD in tokens and cash, HSI is like a thematic fund (thematic fund) but publicly listed and operated by major players in the financial industry.

If this model is successful, many other companies may follow suit — not just buying crypto for reserves, but strategically betting on tokens they believe will lead the next wave of digital finance.

Thạch Sanh