Sonnet BioTherapeutics Bets Big: $888M Crypto Treasury Move Shakes Biotech Finance

Biotech meets blockchain in a high-stakes gamble.

Sonnet BioTherapeutics just dropped a bombshell—they're allocating $888 million of corporate treasury into crypto assets. No timid DCA strategy here—this is a full-throttle embrace of digital assets as reserve currency.

Wall Street's reaction? A mix of envy and eye-rolls.

The move comes as traditional finance clings to outdated yield instruments while DeFi protocols offer triple-digit APYs (when they're not getting hacked). Sonnet's CFO claims this 'future-proofs' their balance sheet—though some analysts whisper about boardroom roulette.

One thing's certain: that treasury won't be sitting in some 0.5%-yielding 'high grade' corporate bond fund. Whether this becomes biotech's MicroStrategy moment—or a cautionary tale—depends entirely on whether crypto winter arrives before their next funding round.

Bonus jab: Because nothing says 'responsible risk management' like staking clinical trial cash on volatile internet money.

Strategic Players Join the HYPE Reserve Push

Atlas Co-founder Bob Diamond will chair HSI, while David Schamis becomes the CEO. Additionally, Eric Rosengren, former Boston Fed president, joins the board. These leadership additions bring heavy financial expertise to the firm. The deal is also supported by prominent backers like Paradigm, Galaxy Digital, Pantera Capital, and D1 Capital.

Besides, Sonnet retains its biotech operations under HSI. It plans to focus on developing SON-1010 while divesting other assets. Shareholders will receive CVRs tied to future biotech asset sales.

Additionally, Sonnet will raise $5.5 million via a private placement of preferred shares and warrants. A previous $2 million convertible note will also roll into this new funding round. The cash will help cover corporate operations and transaction costs.

Hyperion’s Early Success Boosts Confidence

In the meantime, Hyperion is ramping up its HYPE holdings. According to their press release, they just acquired 120,726 tokens for $5 million, bringing their total to over 1.4 million. With plans to utilize these tokens on HyperCore and HyperEVM, the company is looking to tap into staking rewards and cut down on trading fees.

Consequently, the momentum behind HYPE as a treasury asset is growing fast. Over 25 million tokens have already been locked by Hyperliquid. Sonnet’s new strategy could position it among the biggest players.

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