HYPE coin price up 200%, Sonnet BioTherapeutics merges into Hyperliquid Strategies

The cryptocurrency space has seen a wave of momentum around Hyperliquid, as its native token HYPE continues to surge in value and institutional attention reaches new heights.

In a remarkable move that signals growing faith in digital assets, Nasdaq-listed Sonnet BioTherapeutics has announced a strategic merger and rebrand aimed at establishing one of the largest crypto treasuries in the market.

This comes as HYPE rallies to new all-time highs, fueled by strong fundamentals, growing user activity, and key infrastructure upgrades on its Layer 1 blockchain, HyperEVM.

HYPE surges 200% as institutional demand soars

The HYPE token has experienced an astonishing 200.9% price increase over the past three months, according to CoinGecko, recently hitting an all-time high of $49.75 on July 14, 2025.

Currently ranked at position 12 by market capitalisation, HYPE is trading around $48.15, with a total market cap of more than $16 billion and a fully diluted valuation exceeding $48 billion.

This growth has not only captured the attention of retail investors but also sparked a wave of institutional interest, particularly from US-based firms seeking exposure through public markets.

Fueling much of this excitement is the recent merger of Sonnet BioTherapeutics, which is reshaping itself into a crypto-focused treasury company under the new name Hyperliquid Strategies, Inc.

Sonnet BioTherapeutics pivots to crypto

In a major strategic shift, Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC, a crypto investment vehicle affiliated with Atlas Merchant Capital and Paradigm Operations.

The combined entity, Hyperliquid Strategies, is set to become a Nasdaq-listed crypto treasury firm, holding 12.6 million HYPE tokens alongside $305 million in cash — a total estimated value of $888 million at deal closing.

Once the transaction is complete, Hyperliquid Strategies will begin trading under a new ticker, giving investors regulated market access to the HYPE ecosystem.

The board will feature high-profile names, including Atlas co-founder Bob Diamond as chairman and former Boston Fed president Eric Rosengren, signalling institutional confidence in this new venture.

The rapid Hyperliquid ecosystem growth

Beyond market excitement, Hyperliquid’s ecosystem fundamentals are also strengthening rapidly, driven largely by the performance of its native Layer 1 blockchain, HyperEVM.

According to DeFiLlama, HyperEVM has now surpassed $2 billion in total value locked, placing it ninth among all Layer 1 blockchains and ahead of notable names like Avalanche.

The chain has maintained strong on-chain activity, processing between 200,000 and 400,000 transactions daily, with a steady user base of 15,000 to 20,000 active addresses, according to Dune Analytics.

Notably, over 175 teams are now building dApps on the network, supported by recent infrastructure innovations like the CoreWriter smart contract, which enables direct interaction between HyperEVM and HyperCore — Hyperliquid’s flagship perpetuals exchange.

Investor excitement is also being fueled by growing speculation of another HYPE airdrop, following the massive 310 million token distribution in November 2024, which at its peak was valued at nearly $7.5 billion.

With nearly 39% of the token supply still earmarked for future incentives, traders are closely watching on-chain developments and governance activity, hoping for another windfall.

The rise in TVL, the launch of key DeFi applications like Felix and HyperLend, and the continued evolution of the HyperEVM protocol have all contributed to this optimism.

HYPE’s price trajectory and institutional adoption are now seen as strong indicators of its long-term viability in a competitive digital asset landscape.

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