Sonnet BioTherapeutics
Market cap, mNAV, and volume data may not accurately represent reality during the merger process.
HYPE Holdings
Sonnet BioTherapeutics held HYPE since July 2025.
Key Metrics
Market cap, mNAV, and volume data may not accurately represent reality during the merger process.
Market cap, mNAV, and volume data may not accurately represent reality during the merger process.
Market cap, mNAV, and volume data may not accurately represent reality during the merger process.
About Sonnet BioTherapeutics
Sonnet BioTherapeutics made headlines by announcing an $888 million deal to transform into Hyperliquid Strategies Inc.—a holding company for the HYPE token of the HyperLiquid DEX. In partnership with Rorschach I LLC and high-profile crypto investors like Paradigm and Pantera, the company will hold over $583 million worth of HYPE and an additional $305 million in cash for future acquisitions.
This marks a complete departure from biotech into crypto, with Sonnet leveraging its public listing to become the premier U.S.-based HYPE token treasury. Shareholders also receive contingent value rights tied to the firm's legacy biotech assets, making this a hybrid play on both DeFi innovation and monetization of old business lines.
As of December 2025, it held 12,600,000 HYPE valued at $393.1M.
Sonnet BioTherapeutics — HYPE Holdings Over Time
Similar Entities
Other companies holding HYPE
Historical Performance
Market Cap History
NAV History
No historical data available