The NASDAQ listed in Biotech Company Sonnet Biotherapeutics was announced by a pivot pivot in crypto, which opens a $ 888 million creature to launch a hyperliquid (hype) digital asset treasury.
On Monday, Sonnet said this formed A combination of business with the newly created Rorschach to launch a Treasury -focused Treasury approach, the native crypto token of the rapidly growing hyperliquid ecosystem.
The deal includes Sonnet change to Hyperliquid Strategies Inc. (HSI), which is expected to be the largest company listed in the United States holding a hype token in its balance. The company aims to hold 12.6 million hype tokens, which costs nearly $ 583 million when the agreement is made.
In addition, it is expected to have $ 305 million cash, which brings a total amount to $ 888 million. These funds will also be used to buy more hype tokens in the future.
Providing indirect exposure to hype by equity
Hyperliquid is a high-throughput layer-1 blockchain that supports onchain trading of eternal futures and other financial primitives. Coingecko data shows that Hyperliquid has a market capitalization of $ 16.2 billion and is currently the 12th-largest token by appreciation.
In the creation of HSI, investors can obtain indirect exposure to hype through equity markets, bridging traditional finances with blockchain infrastructure.
Sonnet’s new project is supported by well -known companies, including Atlas Merchant Capital, Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital and 683 Capital.
The Biotech company seems to be copying the firm’s firm playbook of the Business Investors, strategy, which provides indirect crypto exposure through equity markets.
In the press release, Paradigma co-founder Matt Huang said Hyperliquid was “damaged” as a crypto project with a strong foundation. He said they see institutional demand for hype exposure, while the token is difficult to access to the United States.
Meanwhile, Sonnet will continue to work as a subsidiary under the HSI umbrella. It is expected to maintain ongoing clinical oncology assets.
Cointelegraph has reached Sonnet Biotherapeutics for more information and updates this article we should hear again.
Related: Hyperliquid News Update: Growing user base can send hype back to $ 45
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