<div id="readability-page-1">Hyperliquid Strategies has finalized its merger with Sonnet BioTherapeutics, forming the largest HYPE crypto treasury. The deal was initially proposed in July and would allow the new entity to operate as “Hyperliquid Strategies.”According to David Schamis, CEO of Hyperliquid Strategies, the merger will provide public markets with access to the Hyperliquid [HYPE] chain and DEX.<blockquote>“Today marks a watershed moment: U.S. public market investors can now participate directly in the Hyperliquid ecosystem and do so through a highly liquid, publicly traded vehicle.”</blockquote>So far, the largest digital asset treasuries (DATs) are concentrated on Bitcoin [BTC], Ethereum [ETH], and Solana [SOL]. Outside of this trio, only Binance [BNB] and HYPE have seen high interest amongst corporate treasuries.<h2>Impact of DATs on HYPE</h2>The Hyperliquid Strategies (HS) and Hyperion DeFi lead the HYPE DAT scene. The HS held 16.89 million HYPE worth $583 million based on current prices. The latest merger could follow a $265 million bid for HYPE, noted on-chain analyst Steven.<div id="attachment_551033"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-03-122044.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="570" height="376" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-03-122044.png"/>Source: X</div>For its part, Hyperion DeFi holds 1.7 million HYPE. Another firm, Lion Group Holdings, also announced a similar move with 194.7K HYPE, bringing the supply under DATs to over 6% of the total token in circulation.<h2>HYPE price action</h2>After the Hyperliquid Strategies update, HYPE rallied 9% and extended the recovery to 17% before a price rejection at $35. As of press time, the price retreated to $34.4, but clearing the overhead resistance at $35 could allow bulls to advance to $40.<div id="attachment_551034"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/HYPEUSDT_2025-12-03_12-47-08.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1950" height="1146" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/HYPEUSDT_2025-12-03_12-47-08.png"/>Source: HYPE/USDT, TradingView</div>Otherwise, another round of dumping could drag it to $30 or the lower support zone (white) at $25-$27.That said, the Funding Rates for HYPE have been positive for the past six days, suggesting a bullish sentiment in the Futures market. In fact, the positive sentiment and “W” bottom formation on the price charts could raise the odds for further recovery to $40.<div id="attachment_551038"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_hype-futures-perpetual-funding-rate-all-exchanges.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2560" height="1440" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/glassnode-studio_hype-futures-perpetual-funding-rate-all-exchanges.png"/>Source: Glassnode</div>Overall, the DATs could help cap HYPE’s downside and accelerate the recovery. Although the price chart formation and Futures point to a likely extended recovery, bulls could only clear $35 if Bitcoin reclaims $96K and advances.<hr/><h2>Final Thoughts</h2><ul><li>HYPE has secured a major crypto treasury player, who could bid an extra $265 million per analyst.</li><li>The token jumped by 17% after the update before stalling at $35, but the Futures market signalled positive sentiment.</li></ul><hr/></div>

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Hyperliquid Strategies has merged with Sonnet BioTherapeutics, forming the largest HYPE crypto treasury. This merger allows public market investors to access the Hyperliquid ecosystem. Following the merger, HYPE's price rallied 17% before stabilizing at $34.4. The merger and positive market sentiment could drive further recovery, with potential resistance at $35 and a target of $40. The merger marks a significant development in the crypto treasury landscape.

Hyperliquid–Sonnet merger unlocks public-market access to HYPE – Details