Sonnet Bio Merges With Hyperliquid, Creates $888M HYPE Treasury

Sonnet BioTherapeutics Holdings has made headlines in the crypto space, as the firm earlier announced that it had merged with Hyperliquid Strategies Inc. to establish a digital asset treasury for the HYPE crypto.

According to the announcement, the treasury will hold $888 million. This makes it one of the largest crypto initiatives in recent times. The latest report also disclosed that roughly 65% of the treasury will be allocated in HYPE tokens, and approximately 35% will be committed in United States dollars.

More Corporate Crypto Treasury Strategies

Despite the continuous downtrend in the broader crypto market, the latest development reflects the firm’s commitment to digital assets while still reserving a portion of USD for stability.

The recent move underscores the growing trend of non-financial entities exploring crypto as a core part of their corporate treasury strategies. The initiative is no longer new in the crypto space.

While tech and financial companies earlier adopted this move, Sonnet BioTherapeutics Holdings shows that its sector wouldn’t be left out. Firms in the biotech and healthcare sectors are starting to explore the value in crypto assets. Although Nasdaq-listed healthcare tech firm Semler Scientific (SMLR) has already begun exploring digital assets.

The decision to create the treasury received strong shareholder backing. After the shareholders voted, the proposal was officially approved. With this latest approval, the firm can plan how to manage and grow its digital asset reserve.

Hyperliquid Strategies to Manage Sonnet’s HYPE Treasury

Hyperliquid Strategies Inc., the partner in the latest development, known for offering crypto-focused guidelines and asset management services. They will help the biotech company in managing the HYPE treasury. Hyperliquid will also assist the firm in navigating market swings and risks often associated with crypto assets.

By committing a significant portion of the treasury to HYPE tokens, Sonnet BioTherapeutics sees potential in the token. It shows strong confidence in the asset while keeping a notable portion in the United States dollars.

The move will likely catch the eye of several investors. It shows that more companies are starting to blend regular finance with digital assets. Meanwhile, following the announcement, HYPE token traded at $33.9. It represents an 8.8% increase in the last 24 hours, according to data from CoinGecko.

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