Two Giant Companies Have Joined Forces for the Most Popular Altcoin of Recent Times! They Announced Their 888 Million Dollar Plans!

In the cryptocurrency sector, the treasury strategy towards Bitcoin and altcoins has been increasing lately. As part of the treasury strategies, major altcoins such as Bitcoin, Ethereum (ETH), XRP, Solana (SOL) are attracting more attention, while altcoins like SUI, DOGE, and HYPE are also on the radar of companies.

At this point, the final move came for Hyperliquid (HYPE).

Sonnet BioTherapeutics Inc. and Rorschach I LLC announced that they will merge under the name Hyperliquid Strategies Inc. (HSI) listed on Nasdaq.

According to the official statement, two companies have made a definitive merger agreement to create the HYPE reserve for the Hyperliquid Layer-1 blockchain token.

Hyperliquid Strategies Inc. is expected to hold 12.6 million HYPE tokens and over 305 million dollars in cash, with an estimated valuation of around 888 million dollars.

HSI aims to be listed on Nasdaq in the later stages of this year. Crypto giants such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital will also invest in the company that will be named Hyperliquid Strategies.

Paradigm co-founder Matt Huang said the following about the merger and HYPE strategy:

"Hyperliquid stands out as a crypto project with real foundations, strong fundamental contributors, rigorous product quality, and rapid growth.

We are seeing a lot of institutional demand to invest in Hyperliquid, but access to the local token HYPE is difficult in the United States. We are excited about this treasury strategy, which we believe will contribute to the Hyperliquid ecosystem in many ways over time.

Following the news, Sonnet BioTherapeutics shares rose by approximately 300% in pre-market trading on Monday.

In June, Lion Group, which was listed on Nasdaq, announced that it would raise 600 million dollars to finance its HYPE treasury strategy.