Wall Street’s Corporate Crypto Treasuries Expand Into Altcoins with Hyperliquid’s HYPE Token
Wall Street’s enthusiasm for corporate cryptocurrency treasuries is broadening beyond Bitcoin, as institutional investors increasingly turn their attention to altcoins like Hyperliquid’s HYPE token. Yet analysts remain divided over its short-term growth prospects.
What began as Michael Saylor’s bold Bitcoin acquisition strategy has evolved into a widespread trend across corporate America. According to a recent Wall Street Journal report, U.S. companies have raised over $85 billion in 2025 to buy cryptocurrencies—outpacing capital raised through IPOs this year.
Unlike in 2020, when MicroStrategy stood nearly alone in crypto treasury adoption, today a wide array of companies—ranging from toy manufacturers to semiconductor firms—are adopting similar approaches, backed by institutional heavyweights such as Capital Group, Galaxy Digital, and D1 Capital. This wave includes altcoins with higher risk and reward profiles, not just Bitcoin.
A key example is Hyperliquid Strategies Inc. (HSI), a newly formed publicly traded company focused on accumulating a corporate crypto treasury centered around the HYPE token, native to the Hyperliquid blockchain.
HSI Formation: A Fusion of Biotech and Crypto
On July 14, Sonnet BioTherapeutics (SONN) announced a reverse merger with Rorschach I LLC—a special purpose vehicle supported by Atlas Merchant Capital, Paradigm, and other crypto investors. The deal will transform Sonnet into Hyperliquid Strategies Inc., shifting its core business from biotech to executing a crypto treasury strategy focused on HYPE. HSI will trade on Nasdaq.
Upon closing, HSI will hold 12.6 million HYPE tokens valued at approximately $583 million, with plans to deploy an additional $305 million to buy more HYPE on the market. This will create one of the largest known institutional altcoin reserves.
Atlas CEO Bob Diamond, former Barclays CEO and HSI’s incoming chairman, emphasized the strategic opportunity Hyperliquid presents, blending crypto-native innovation with traditional financial expertise.
Paradigm co-founder Matt Huang noted growing institutional demand for Hyperliquid but pointed out limited U.S. access to HYPE tokens.
Sonnet will remain a subsidiary managing its biotech assets but plans to divest non-core holdings, issuing contingent value rights linked to its therapeutic portfolio to shareholders.
The HSI board will include Diamond and former Boston Fed president Eric Rosengren, with backing from Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. The transaction is expected to close in late 2025.
Understanding Hyperliquid and HYPE
Launched in 2023, Hyperliquid is a high-performance layer-1 blockchain paired with a decentralized exchange. It aims to combine the speed and user experience of centralized exchanges with the transparency and openness of DeFi.
Its two main components are:
- HyperCore: An on-chain order book enabling spot and perpetual futures trading with throughput exceeding 200,000 orders per second.
- HyperEVM: An Ethereum-compatible smart contract platform allowing DeFi applications to leverage HyperCore’s liquidity.
The native HYPE token powers the ecosystem, used for staking, governance, incentives, and value capture. HYPE ranks as the 15th largest cryptocurrency by market cap, with Hyperliquid having processed over $1 trillion in cumulative trading volume.
Analyst Views: Strong Fundamentals but Mixed Sentiment
Despite strong institutional support and a recent rally from $37.41 to nearly $50 in July, analysts differ on HYPE’s valuation.
Crypto analyst “McKenna” argues HYPE is undervalued. Using a sales-weighted price-to-earnings metric, he estimates a fair value near $77 based on recent revenue data.
Conversely, “Altcoin Sherpa” praises HYPE’s solid fundamentals but cautions that the sharp price rise may limit short-term upside. Holding a small stake for the long term, he recommends waiting for a pullback before increasing exposure.
This divergence highlights the tension between solid fundamentals and speculative price action.
A New Era for Corporate Crypto Treasury Strategies
Whether HYPE continues upward or pulls back, the formation of Hyperliquid Strategies Inc. signals a shift in how corporate treasuries approach crypto. Rather than focusing solely on Bitcoin, HSI is building a concentrated position in a newer altcoin.
With over $888 million committed in tokens and cash, HSI operates like a thematic crypto fund—but with public market access and institutional leadership.
If this strategy succeeds, it could inspire other companies to pursue focused investments in emerging tokens shaping the future of digital finance.
