What’s in Store for Hyperliquid’s HYPE Token? Wall Street and Analyst Perspectives

Wall Street’s Corporate Crypto Treasury Strategy Expands to Altcoins as Hyperliquid’s HYPE Gains Momentum

Wall Street’s corporate crypto treasury trend is moving beyond Bitcoin, with companies increasingly backing altcoins like Hyperliquid’s native HYPE token. However, analysts remain divided on its near-term growth potential.

Michael Saylor’s once-controversial strategy of using corporate funds to buy Bitcoin has now become widespread. According to a recent Wall Street Journal report, U.S. companies have raised more than $85 billion in 2025 to invest in cryptocurrencies — outpacing this year’s total capital raised through U.S. IPOs.

Unlike 2020, when MicroStrategy stood alone in selling shares to buy bitcoin, today’s corporate crypto investments span a wide array of industries — from toy makers to semiconductor firms — and are supported by major institutional players such as Capital Group, Galaxy Digital, and D1 Capital. This wave is not limited to Bitcoin but increasingly includes altcoins with higher risk and potential rewards.

A prime example is Hyperliquid Strategies Inc. (HSI), a newly formed public crypto treasury company focused on accumulating the HYPE token, native to the Hyperliquid blockchain.

The Birth of Hyperliquid Strategies Inc.: A Merger Between Atlas and Sonnet

On July 14, Sonnet BioTherapeutics (SONN) announced a reverse merger with Rorschach I LLC, a special purpose acquisition company backed by Atlas Merchant Capital, Paradigm, and other prominent crypto investors. Following the merger, Sonnet will be rebranded as Hyperliquid Strategies Inc. (HSI) and listed on the Nasdaq Capital Market, shifting its business model to a corporate crypto treasury focused exclusively on HYPE tokens rather than Bitcoin or Ethereum.

Upon completion, HSI will hold 12.6 million HYPE tokens valued at approximately $583 million, with plans to invest an additional $305 million to acquire more tokens on the open market. If fully realized, HSI will hold one of the largest institutional altcoin reserves publicly disclosed.

Bob Diamond, former Barclays CEO and current Atlas CEO who will chair HSI, described the opportunity as both strategic and financial, emphasizing the unique position HSI holds thanks to its blend of crypto and traditional finance expertise.

Matt Huang, Paradigm co-founder, noted rising institutional interest in Hyperliquid but also highlighted limited direct access to HYPE tokens in the U.S. market.

While Sonnet will remain a subsidiary managing biotech programs, it intends to divest non-core assets, with existing shareholders receiving contingent value rights tied to Sonnet’s therapeutic portfolio.

HSI’s board will feature Bob Diamond, Eric Rosengren (former Boston Fed president), and other new financial leaders. The merger is backed by Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital, with a planned close in late 2025.

What Is Hyperliquid and How Does the HYPE Token Function?

Launched in 2023, Hyperliquid is a high-performance layer-1 blockchain coupled with a decentralized exchange (DEX) engineered to provide centralized exchange speeds alongside DeFi transparency.

The platform includes two main components:

• HyperCore: An on-chain order book engine supporting spot and perpetual futures trading, capable of processing over 200,000 orders per second.
• HyperEVM: An Ethereum-compatible smart contract environment enabling developers to build decentralized applications integrated with HyperCore liquidity.

HYPE serves as the native token powering staking, governance, trading incentives, and value capture across the network. It currently ranks as the 15th largest cryptocurrency by market cap, with the Hyperliquid network processing over $1 trillion in cumulative trading volume.

Analyst Perspectives: Strong Fundamentals Meet Divergent Views

Despite institutional backing and a recent price surge—from around $37.41 to nearly $50 in mid-July—opinions on HYPE’s valuation remain mixed.

Crypto analyst “McKenna” recently argued that HYPE is undervalued based on revenue multiples. Using a sales-weighted price-to-earnings (SWPE) model and trailing 30-day revenue of approximately $3.2 million, he estimated a fair price near $77, reflecting the token’s previous market peak valuation.

Conversely, “Altcoin Sherpa” offered a more cautious outlook. While acknowledging HYPE’s solid fundamentals—high user engagement, robust tokenomics, and strong team execution—he viewed the recent price jump from $9 to $40+ as mostly priced in. Holding a modest staking position for the long term, he recommended waiting for a meaningful price pullback before increasing exposure.

This divergence highlights the tension between HYPE’s solid fundamentals and the risk of short-term overvaluation driven by hype and speculative capital.

A New Chapter for Institutional Altcoin Treasury Strategies

Regardless of whether HYPE’s price continues to climb or retraces, the establishment of Hyperliquid Strategies Inc. marks a significant evolution in how corporate crypto treasuries operate. Unlike earlier strategies centered on Bitcoin, HSI’s model focuses on a single altcoin launched only two years ago.

With total commitments exceeding $888 million in tokens and cash, HSI resembles a thematic crypto fund but with the added transparency and governance of a publicly traded company.

If successful, this approach could set a precedent for other firms to raise capital targeting specific crypto tokens believed to drive the future of digital finance.

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