Main Points：
- The merger to take Hyperliquid Strategies public on Nasdaq has been delayed by at least two weeks due to incomplete shareholder voting.
- The deal requires more than 50% approval of outstanding shares; 95% of submitted votes are supportive, but overall participation remains insufficient.
- Hyperliquid Strategies aims to become a major Digital Asset Treasury (DAT) company, holding and managing digital assets such as BTC and HYPE tokens.
- Initial valuation of the new entity was estimated at $888 million including $305 million in cash and existing HYPE holdings.
- The broader DAT sector has recently slowed, with market caps and trading premiums declining as digital asset prices softened.
- Despite the delay, Nasdaq already approved the listing of Hyperliquid Strategies shares.
- HYPE token maintains a strong market position with a $13 billion market cap, ranking 11th globally.
Introduction: A Pivotal Moment for Digital Asset Treasury Firms
The rapid expansion of digital assets over the past two years has led to the emergence of a new corporate structure known as the Digital Asset Treasury (DAT)—a company that stores, manages, and deploys crypto assets as part of its corporate treasury strategy. These firms provide investors with indirect exposure to crypto while maintaining professional risk controls and asset protection frameworks.
Hyperliquid Strategies, one of the most widely anticipated entrants in this space, recently announced that its planned merger with Sonnet BioTherapeutics—intended to take the company public on Nasdaq—has been delayed. Although the vote tally shows overwhelming support among shareholders who already cast ballots, the total number of submitted votes is still insufficient to meet the SEC-mandated majority threshold.
This delay occurs at a sensitive time. Over the past several months, the DAT market—once seen as a promising hybrid between public equity markets and blockchain investment—has cooled. Market participants are increasingly cautious as digital asset prices face volatility, liquidity tightens, and macroeconomic conditions shift.
Nevertheless, Hyperliquid Strategies remains positioned as one of the most important projects in the digital asset financialization wave. Its link to the rapidly growing Hyperliquid blockchain ecosystem, combined with support from major institutions like Paradigm, Galaxy Digital, and Pantera Capital, gives it long-term strategic weight.
Why the Nasdaq Listing Was Delayed
According to CEO David Shamis, the company requires approval from more than 50% of all outstanding Sonnet BioTherapeutics shares for the merger to proceed. So far:
- 95% of votes cast have been in favor
- But the total participation rate remains below the necessary majority
This governance-related issue is not unusual—public companies often struggle to achieve quorum due to shareholder inactivity, especially among retail investors who hold shares in brokerage accounts but rarely vote.
Hyperliquid Strategies expects that the required threshold will be met by December 2, extending the overall merger timeline by at least two weeks.
The leadership also called on remaining shareholders to participate as soon as possible. The long-term goal is unchanged: integrating Sonnet BioTherapeutics into Hyperliquid Strategies as a wholly owned subsidiary while allowing the biotech company to continue its existing operations independently.
What Is a Digital Asset Treasury (DAT)?
A DAT is a corporate vehicle that:
- Holds digital assets such as BTC, ETH, or protocol-native tokens
- Implements professional trading, hedging, and custody controls
- Allows public-market investors to gain indirect exposure to crypto
- Manages treasury operations using blockchain-based strategies
In many ways, a DAT functions like:
- A public mining company (indirect exposure to BTC)
- A public venture firm holding crypto-related equities
- A hybrid asset manager using blockchain-native instruments
For investors who want crypto exposure without directly managing private keys or wallets, DATs present a regulated alternative. The model gained traction in 2024–2025 as institutional adoption accelerated.
Deal Structure and Valuation: A High-Profile Transaction
The merger involves:
- Sonnet BioTherapeutics (public biotech firm)
- Hyperliquid Strategies (digital asset treasury operator)
- Rorschach I LLC, linked to Atlas Merchant Capital and additional sponsors
Previous estimates placed the combined valuation at:
- $888 million total (≈ $888M)
- Including $305 million in cash
- Plus HYPE tokens contributed by existing participants
The list of institutional investors includes:
- Paradigm
- Galaxy Digital
- Pantera Capital
- Additional global hedge funds and family offices
These firms have been increasingly active in the DAT space, targeting vehicles that can hold long-term strategic positions in crypto assets.Graph Insertion Point
Below is the requested graph comparing the HYPE market cap ($13B) and DAT initial valuation ($8.88B).
HYPE Token’s Growing Importance in the Digital Asset Ecosystem
Hyperliquid (HYPE) is the native token of the Hyperliquid decentralized exchange ecosystem. Over the past year, Hyperliquid’s trading volumes and liquidity depth have increased exponentially, driven by its:
- Ultra-fast execution layer
- Low-cost trading environment
- Strong community engagement
- Rapid rollout of perpetual futures markets
With a $13 billion market cap, HYPE now ranks 11th globally, surpassing many long-standing altcoins. This growth adds substantial weight to the DAT model built around Hyperliquid Strategies.
Investors see HYPE as:
- A high-performance L1/L2 alternative
- A token with strong utility tied to exchange fees
- A core asset in new institutional trading strategies
Why the DAT Market Has Cooled Recently
The broader DAT market experienced explosive growth in early 2025 as:
- Bitcoin surpassed $100,000
- Institutional adoption accelerated
- Corporate treasuries explored blockchain hedging strategies
But since Q3 2025:
- Crypto market cap volatility increased
- Equity market sentiment weakened
- DAT premiums—once trading above NAV—collapsed
- Liquidity inflows slowed
Analysts cite three main causes:
1. Macro tightening and interest rate uncertainty
Investors are shifting toward cash and short-term U.S. Treasuries.
2. Crypto correction after multi-month rally
BTC fell from its peak, triggering outflows from risk-on assets.
3. DAT over-issuance concerns
Too many DAT firms entered the market too quickly, creating supply pressure.
Nevertheless, high-quality DATs tied to real blockchain ecosystems—such as Hyperliquid—continue to attract long-term interest.
Nasdaq Approval: A Rare Positive Signal
Despite the voting delay, Nasdaq has already approved the listing of Hyperliquid Strategies shares. This approval is significant because:
- Nasdaq typically conducts strict due diligence
- Crypto-linked companies face heightened scrutiny
- The listing provides global liquidity access
The approval demonstrates that regulators increasingly recognize digital treasury firms as legitimate participants in the financial system—not merely speculative ventures.
Recent Industry Trends (External Research Added)
1. Major Exchanges Increasingly Adopt Treasury-Like Models
Coinbase and Binance both expanded corporate crypto holdings in 2025 to strengthen liquidity buffers.
2. Tokenized Treasury (T-Bill) demand is exploding
Tokenized U.S. Treasury products reached $2.5B in AUM by November 2025.
3. Institutional derivatives trading is rising
More hedge funds are building delta-neutral strategies using perpetual futures on platforms like Hyperliquid.
4. DAT competitors slowing expansion
Many DAT firms paused new share issuance due to declining investor appetite.
These trends show that although the sector has cooled, fundamental adoption is still accelerating.
Conclusion
Hyperliquid Strategies stands at a pivotal juncture. While the merger delay introduces short-term uncertainty, the underlying fundamentals remain strong:
- Overwhelming shareholder support
- Nasdaq approval secured
- Deep institutional backing
- A fast-growing blockchain ecosystem through Hyperliquid
- Strategic value in a cooling DAT market
Once the vote passes, Hyperliquid Strategies will likely emerge as one of the most influential DAT companies globally—serving investors seeking regulated exposure to digital assets while maintaining the scalability advantages of the Hyperliquid blockchain.
For investors searching for new crypto assets, yield opportunities, or practical blockchain applications, the Hyperliquid ecosystem remains one of the most important developments to watch in 2025 and beyond.
