Deal Overview

Strategic Investors & Rationale

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Market Context: Hyperliquid’s Momentum

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Leadership & Governance

Sonnet’s Biotech Legacy & CVR Upside

Pre‑Market Reaction & SPAC Trend

What’s Next?

Hyperliquid

Abstract machine converting molecules into a crypto coin worth $888M

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Sonnet BioTherapeutics pivots from biotech to crypto, merging into Hyperliquid Strategies—a Nasdaq‑listed SPAC treasury play holding 12.6 M HYPE (≈ $583 M at signing) plus $305 M cash, backed by Paradigm, Galaxy, Pantera, and more.

Paradigm

Pantera Capital

Galaxy

From Biotech to HYPE: Sonnet SPAC Forms Hyperliquid Strategies Inc.

United States of America

Lightspeed Venture Partners is a prominent venture capital firm recognized for its strategic investments in innovative and high-growth technology companies. Founded in 2000 by Chris Schaepe, Barry Eggers, Ravi Mhatre, and Peter Nieh, Lightspeed has played a pivotal role in shaping the success stories of numerous startups across various sectors.

Lightspeed Venture Partners

Dragonfly Capital Partners, commonly referred to as Dragonfly Capital, is a venture capital firm that focuses on investments in the blockchain and cryptocurrency space. Dragonfly Capital is known for its active involvement in the blockchain and crypto industry and its commitment to supporting innovative projects and companies.

Dragonfly Capital

Galaxy is a digital asset and blockchain leader helping institutions, startups, and qualified individuals shape a changing economy.

FirstMark

Bessemer Venture Partners is a venture capital firm that funds consumer, enterprise, and healthcare startups.

Bessemer Venture Partners

Sapphire Ventures

ICONIQ Growth

Norwest

Endeavor Catalyst

Rain

Balaji S. Srinivasan is the CTO of Coinbase and cofounder of Counsyl, Earn, Teleport, and Coin Center. He was previously CEO at Earn.com, which was recently sold to Coinbase. Prior to taking the CEO role at Earn.com, Dr. Srinivasan was a General Partner at Andreessen Horowitz. Prior to joining a16z, he was the cofounder and CTO of FoundersFund-backed Counsyl, where he won the Wall Street Journal Innovation Award for Medicine and was named to the MIT TR35. Dr. Srinivasan holds a BS, MS, and PhD in Electrical Engineering and an MS in Chemical Engineering from Stanford University. He also teaches the occasional class at Stanford, including an online MOOC in 2013 which reached 250,000+ students worldwide.

Balaji Srinivasan

Coinbase Ventures is the venture capital arm of Coinbase, one of the largest and most well-known cryptocurrency exchanges in the world. Coinbase Ventures is focused on investing in early-stage companies and projects in the blockchain and cryptocurrency space. It provides funding, resources, and support to startups and entrepreneurs working on innovative blockchain and crypto-related technologies and applications.

Coinbase Ventures

Alliance is the leading crypto accelerator and founder community.

Alliance

Samsung NEXT is the innovation arm of the Samsung Group, a global conglomerate. Samsung NEXT is known for its role in identifying, investing in, and developing cutting-edge technologies and startups. The primary focus of Samsung NEXT is to explore and invest in emerging technology trends that align with Samsung's broader business strategies.

Samsung NEXT

Hard Yaka makes early round investments in exchange space startups. Candidates are either verticals in particular categories of exchange markets or horizontals providing services across exchange sectors.

Hard Yaka

Canonical Crypto

BDMI

Latitude is a venture capital firm focused on being the first call and partner to founders scaling from 0 to 1.

Latitude

CompoSecure

Khosla Ventures

Uniswap

Mischief

Paul Veradittakit

Circle is a financial technology firm that utilizes stablecoins for payments and e-commerce.

Circle

Terraform Capital

The CMT Group has acted as a valued collaborator to numerous exchanges, clearing firms, and trading and investment teams, generating edge by pairing market insight with early adoption and innovation of nascent technologies.

CMT Digital

BlockTower is an institutional investment firm, applying professional trading, venture investing, credit underwriting, and portfolio management to digital and traditional assets.

Strobe (Prev. BlockTower Capital)

We offer investors intelligently designed investment strategies that take advantage of targeted market opportunities.

VanEck

Tioga Capital Partners aims to be the best European long-term partner for outstanding Web3 entrepreneurs.

Tioga Capital Partners

ARK Invest pays close attention to thematic investments and invests exclusively in breakthrough innovations.

ARK Invest

Auros is an algorithmic trading and market making firm that delivers best-in-class liquidity for exchanges and token projects.

Auros Global

Miami International

3K VC

Geneva Trading

Trumid

Architect

SV Angel is a San Francisco-based venture capital firm. SV Angel supports entrepreneurs in building sustainable companies by helping them through key inflection points and using our network to help them grow their businesses.

SV Angel

ParaFi Capital is an alternative investment firm focused on blockchain and decentralized finance markets.

ParaFi Capital

An early stage venture capital firm investing in consumer and enterprise technology companies

a_capital

Third Kind Venture Capital

Motivate helps ambitious founders realize their vision for the future. Motivate investment early in a company's lifecycle by bringing our experience, connections and capital to the leaders of tomorrow's greatest companies.

Motivate VC

Anthony Scaramucci

The SALT Fund

Alluvial

Variant is an early-stage fund investing in web3. They believe the next generation of the internet will transform users into owners. They back mission-aligned founders at the earliest possible stage

Variant

United Kingdom

Brevan Howard Asset Management LLP is an investment manager authorised and regulated by the Financial Services Authority in the United

Brevan Howard

Kraken Ventures invests in businesses and projects at the nexus of both the FinTech and Blockchain / Crypto revolution.

Kraken

Nascent is a team of builders who back early-stage crypto founders creating products and primitives for an open financial world.

Nascent

Figment Capital launched its first fund in 2021 to invest in high-conviction, early-stage blockchain infrastructure projects. As an early-stage investor, they work closely with founders as they scale from idea to adoption and beyond.

Figment Capital

Ethereal Ventures a new venture fund established by Joseph Lubin

Ethereal Ventures

Avon Ventures

F-Prime Capital

CMS Holdings may also invest in early-stage blockchain and cryptocurrency projects through private investments and strategic partnerships. They provide capital and support to innovative startups in the crypto space.

CMS Holdings

Netherlands

Venture Capital Fund in Blockchain & Distributed Ledger Technology (DLT)

Maven 11 Capital

Integration lead @ Aave https://www.crunchbase.com/organization/ethlend

Marc Zeller

GSR, founded in 2013, is a global leader in digital asset trading and market making.
GSR is a crypto market maker and ecosystem partner

GSR Markets (GSR)

FalconX

Caladan (Alphalab)

Gate Ventures

Seychelles

KuCoin Ventures was founded in 2017 and is from Seychelles. KuCoin Ventures has made 31 investments so far, the most recent investment project is Port3 Network, and the investment announcement time is October 23, 2023

According to the CoinCarp fundraising database, KuCoin Ventures has invested in 8 Web3 projects, 5 DeFi projects, 3 NFTs projects, 2 Infrastructure projects and 1 Others projects. Among all, 42.11% of KuCoin Ventures's investments are Web3 projects.

KuCoin Ventures

Axis

Pantera Capital is a blockchain and cryptocurrency-focused investment firm and hedge fund. It was founded in 2013 by Dan Morehead, who is a former Wall Street executive and chief financial officer (CFO) at Tiger Management. Pantera Capital is known for being one of the earliest institutional investors in the cryptocurrency space and has been actively involved in supporting the growth and development of blockchain technology and digital assets.

Citadel Securities

Marshall Wace

Fortress

Blockchain Capital is a venture capital firm specializing in investments in blockchain technology and cryptocurrencies. It was founded in 2013 by Bart Stephens and Brad Stephens, and it's headquartered in San Francisco, California. Blockchain Capital is one of the earliest and most well-known venture capital firms dedicated exclusively to the blockchain and cryptocurrency space.

Blockchain Capital

Andreessen Horowitz, often referred to as "a16z," is a prominent venture capital firm based in Menlo Park, California. It was founded in 2009 by Marc Andreessen and Ben Horowitz, both of whom are well-known figures in the tech industry. Andreessen Horowitz is one of the leading venture capital firms in Silicon Valley and has gained a reputation for its investments in technology companies, particularly in the areas of software, internet, and more recently, blockchain and cryptocurrency.

Andreessen Horowitz (a16z)

GV (Google Ventures) provides seed, venture, and growth funding to technology companies in life sciences, enterprise technology, consumer products and services, and advanced technology industries.

GV (Google Ventures)

Digital Currency Group builds and supports bitcoin and blockchain companies by leveraging insights, network, and access to capital.

Digital Currency Group (DCG)

Founders Fund is a venture capital firm based in San Francisco, specializing in investments in science and technology companies.

Founders Fund

Hack VC is a web3 venture capital firm. Hack VC partners with online and offline hackers who are building the future of the internet.

Hack VC

China

IDG Capital is an investment firm that funds early- to growth-stage companies in the technology sector.

IDG Capital

Schindler AM Ventures is a global investment firm. We invest in the companies of tomorrow and structure secondary transactions as well as special situation financings

SchindlerAM Ventures

Russia

Blockchain Fund Chelyabinsk is a traditional venture capital investor investing into digital assets

Blockchain Fund Chelyabinsk

Microventures

Core Innovation Capital is a venture capital firm investing in companies committed to empowering small businesses.

Core Innovation Capital

Camp One Ventures

Hinge Capital

Mouro Capital

Siam Commercial Bank was established by royal charter on January 30, 1907 as the first Thai bank. During its more than 110 years in business, the Bank has played a leading role in providing the financial services needed in Thailand, developing deep expertise.

Siam Commercial Bank

PMT Ventures

Brazil

BossaNova is the number one Brazilian Micro Venture Capital. We are the most active investor in the pre-seed stage in Latin America with more than 1200 investments in over 1000 Startups. We also invest in global companies, directly or through co-investment syndicates on AngelList.

Bossa Nova Investimentos

Japan

SBI Investment (Group)

James Sowers

Dalip Jaggi is the Co-Founder of Revive and he has been recognized as an active, young entrepreneur filled with high energy, passion, and new ideas. Dalip kicked off his career as the principal and founder of Devise Interactive, a brand and digital agency with unique flavor. This innovation shop has a vision to help businesses with ‘that’ chanceto reimagine and reinvent their digital work. By harmonizing creative design and innovative technology, the agency produces effective brand experiences and strategic reasoning to engage their customers audience. In the office, Dalip is the reigning foosball champion.

Dalip Jaggi

KG Investments is a private family office fund focused on investing in technology companies through direct investments and secondary loans.

KG Investments

Accenture Ventures

Thailand

SCB 10X is an investment firm that invests in technology startups.

SCB 10X

Abstract Ventures

ThirdStream Partners LLC invests in venture and strategic opportunities in financial technologies (FinTech) and financial services

Thirdstream Partners

Seagate offers consumers and businesses with data storage solutions to create, share, and preserve digital content.

Seagate Technology

Route 66 Ventures provides venture capital and credit solutions to emerging financial technology and services companies.

Route 66 Ventures

Nurzhas Makishev

CME Ventures is the strategic investment arm of CME Group focused on managing a portfolio of external minority equity investments

CME Ventures

RRE Ventures is a venture capital firm that offers early-stage funding to software, internet, and communications companies

RRE Ventures

AME Cloud Ventures focuses on seed to later stage companies building infrastructure and value chains around data. We love technology heavy companies gathering or creating unique data at every stage of the data stack — from infrastructure all the way to applications, mobile, and sensors

AME Cloud Ventures

Avant Global

United Arab Emirates

Ganesh Kompella

Tetragon Financial Group aims to provide stable returns to investors across various credit, equity, interest rate, and real estate cycles.

Tetragon Financial Group Limited

Knight Enterprise Fund is a venture capital firm based in Florida that finances early stage investments of media and technology companies.

Knight Enterprise Fund

Digital Ventures

Santander InnoVentures is Banco Santander's $200m corporate venture arm. We invest in fintech startups, globally, across all stages, and help create meaningful, strategic relationships between our portfolio companies and Santander Group.

Santander InnoVentures

CRCM Ventures invests in early stage companies, targeting consumer, climate tech, frontier tech, health, and fintech industries.

CRCM Ventures

Standard Chartered Bank provides current accounts, savings accounts, credit cards, and loans.

Standard Chartered Bank

Early-stage venture fund that finances digital media and marketing sectors

Vast Ventures

Fintech​ venture capital firm investing in early stage growth businesses focused on financial innovation

			Stage	Investors
Rain	$250.00 M	$1.95 B	Series C	+6		Finance	Jan 9, 2026
Architect	$35.00 M	~$350.00 M	Series A	+9		DeFi	Dec 23, 2025
Alluvial	--	--	M&A			DeFi	Dec 4, 2025
Axis	$5.00 M	~$50.00 M	Strategic Round	+7		DeFi	Dec 3, 2025
XRP XRP	$500.00 M	$40.00 B	Strategic Round	+3		Cryptocurrency	Nov 5, 2025
Canaan	$72.00 M	~$720.00 M	Post-IPO			Blockchain Service	Nov 4, 2025
CrunchDAO	$5.00 M	~$50.00 M	Strategic Round	+5		Artificial Intelligence (AI)	Oct 7, 2025
RedotPay	$47.00 M	~$470.00 M	Strategic Round			Blockchain Service	Sep 25, 2025
Forward Industries	$1.65 B	~$16.50 B	PIPE		--	Finance	Sep 8, 2025
Mill City Ventures III	$450.00 M	~$4.50 B	Post-IPO	+16		Finance	Jul 31, 2025
FG Nexus	$200.00 M	~$2.00 B	Funding Round	+2		Finance	Jul 30, 2025
StablecoinX	$360.00 M	~$3.60 B	PIPE	+7		Finance	Jul 21, 2025
FBTC Function FBTC	$10.00 M	~$100.00 M	Seed Round			Backed Tokens	Jul 15, 2025
BitMine	$250.00 M	~$2.50 B	Funding Round	+6	--	Blockchain Service	Jun 30, 2025
Ubyx	$10.00 M	~$100.00 M	Seed Round	+7		Finance	Jun 17, 2025
Turnkey	$30.00 M	~$300.00 M	Series B	+3		Blockchain Service	Jun 9, 2025
RISE Chain	$4.00 M	~$40.00 M	Funding Round		--	Blockchain	Jun 6, 2025
SharpLink	$425.00 M	~$4.25 B	Post-IPO	+13	--	Sport	Jun 2, 2025
S Sonic Labs (prev. Fantom)	$10.00 M	~$100.00 M	Strategic Round			Blockchain	May 8, 2025
Fuze	$12.20 M	~$122.00 M	Series A			Infrastructure	May 1, 2025

Galaxy

About Galaxy

Investments Allocation

Fundraising Rounds