What’s Next for Hyperliquid’s HYPE Token? What Wall Street and Analysts Are Saying

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According to a recent Wall Street Journal report, companies have raised more than $85 billion in 2025 to buy cryptocurrencies for their corporate treasuries — more than double the amount raised in U.S. IPOs this year.Unlike in 2020, when MicroStrategy’s Saylor stood alone in selling shares to buy bitcoin, a new wave of companies — from toy manufacturers to semiconductor firms — is executing similar strategies with institutional backing. Capital Group, Galaxy Digital, and D1 Capital are among the firms pouring cash into companies that raise funds to accumulate digital assets directly. The surge has extended beyond bitcoin to include lesser-known tokens, often with higher risk-reward profiles.One of the most prominent examples is Hyperliquid Strategies Inc. (HSI), a public crypto treasury company being formed to hold large reserves of HYPE, the native token of the Hyperliquid blockchain.The HSI initiative was first disclosed on July 14, when Sonnet BioTherapeutics (SONN) announced a reverse merger with Rorschach I LLC, a newly formed vehicle backed by Atlas Merchant Capital, Paradigm, and other high-profile crypto investors. The deal will transform Sonnet into a platform for executing a corporate crypto treasury strategy focused not on bitcoin or ether — but on HYPE, the native token of the Hyperliquid blockchain.Upon closing, the combined entity will be renamed Hyperliquid Strategies Inc. (HSI) and continue trading on the Nasdaq Capital Market. HSI will initially hold 12.6 million HYPE tokens, valued at $583 million at the time of signing, and will deploy at least $305 million more to acquire additional HYPE on the open market. If fully executed, this will create one of the largest institutional reserves of a single altcoin ever disclosed.According to Atlas CEO Bob Diamond, a former CEO of Barclays, who will chair the new company, the opportunity is not just financial — it's strategic. In his words, "We think HYPE is pretty special." Diamond said the team believes Hyperliquid offers a differentiated offering in the digital asset space, and that HSI is uniquely positioned to take advantage of it because of its mix of crypto-native and traditional financial leadership.Matt Huang, co-founder of Paradigm, said institutional demand for Hyperliquid has been rising, but noted that direct access to the HYPE token is still limited in the U.S.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,389.77 +1.13 (+0.02%)Dow 3044,837.56 -64.36 (-0.14%)Nasdaq21,178.58 +70.27 (+0.33%)Russell 20002,256.73 -4.34 (-0.19%)VIX15.03 +0.10 (+0.67%)Gold3,311.90 +1.90 (+0.06%)PortfolioSign in to access your portfolioSign inTop gainersSCLX Scilex Holding Company 15.52 +3.56 (+29.77%)STEM Stem, Inc. 18.91 +3.92 (+26.15%)NEGG Newegg Commerce, Inc. 39.08 +4.77 (+13.90%)LYEL Lyell Immunopharma, Inc. 13.73 +1.31 (+10.55%)SMCI Super Micro Computer, Inc. 60.05 +5.58 (+10.24%)Top losersCHPT ChargePoint Holdings, Inc. 9.91 -2.30 (-18.85%)ALB Albemarle Corporation 74.77 -8.97 (-10.71%)MCRB Seres Therapeutics, Inc. 13.24 -1.29 (-8.88%)KB KB Financial Group Inc. 78.40 -7.51 (-8.74%)RVTY Revvity, Inc. 95.04 -8.63 (-8.32%)Most activeNVDA NVIDIA Corporation 176.75 +3.25 (+1.87%)TSLA Tesla, Inc. 325.59 +9.53 (+3.02%)WBD Warner Bros. 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