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

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.

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

United Kingdom

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

Brevan Howard

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)

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

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

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

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

Middlegame Ventures

C1 Fund

BH Digital

Weiss Asset Management

Canaan

Tunlan Investment

Baopu Asset Management

Jinjiang International

Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets. They manage a hedge fund and several venture funds, investing across both public and private markets.

Multicoin Capital

Fabric Ventures often takes a strategic approach to its investments, seeking to support projects that align with their vision of a decentralized and open internet. They may also provide additional resources and support beyond just capital.

Fabric Ventures

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

VanEck

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)

Road Capital

Halo Capital

Salt Capital

CrunchDAO

An elemental approach to investing in next generation digital economies.

Elixir Capital

Factor stands behind and empowers entrepreneurs who acknowledge that society's overarching issues require innovative and fresh approaches.

Factor Capital

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

Vertex Ventures is a global network of operator-investors that manages portfolios.

Vertex Ventures

RedotPay

Hongshan, formerly known as Sequoia Capital China, is a venture capital firm specializing in investments across various stages, from seed and mid-stage to late-stage and growth, with a particular focus on the fintech sector.

HongShan (ex-Sequoia China)

Accel is an early and growth-stage venture capital firm that helps a global community of entrepreneurs.

Accel

Jump Crypto, a division of the Jump Trading Group, is a global leader in Web3 infrastructure development and investment.

Jump Crypto

Forward Industries

Arrington Capital is a thesis-focused digital asset and Web3 investing firm. Since 2017, Arrington Capital has invested in over 200 early-stage companies in the crypto ecosystem. Arrington Capital's crypto-native team of seasoned entrepreneurs, founders, and executives is committed to doubling down on efforts to ensure our partners' success.

Arrington Capital

Electric Capital is a venture capital firm that focuses on investments in blockchain and cryptocurrency-related projects and companies. Founded by Avichal Garg and Curtis Spencer, Electric Capital is known for its active involvement in the cryptocurrency space and its support for innovative blockchain technologies.

Electric Capital

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

ParaFi Capital

Netherlands

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

Maven 11 Capital

Borderless Capital is a Blockchain VC firm and a modern financial institution investing capital and co-building financial products with our portfolio companies that accelerates access, bootstraps adoption, and creates value globally through the Algorand Borderless Economy.

Borderless Capital

GSR Ventures is a venture capital firm focused on early-stage technology companies developing AI-enabled enterprise software, consumer platforms, and healthcare technology.

GSR Ventures

Big Brain Holdings Invests in Seed, Pre-Seed and Early Stage Startups

Big Brain Holdings

FalconX

Mexico

Lvna Capital is an investment fund specialized in blockchain-based digital assets.

Lvna Capital

dao5

Protagonist is a crypto fund and incubation lab supporting foundational protocols in emerging blockchain ecosystems.

Protagonist

Sui Foundation promotes and implements the Sui network by supporting the community of its developers and creators.

Sui Foundation

Comma3 Ventures

Karatage

Selini is a global trading firm focused on systematic trading, liquidity provision, efficient execution, and venture investing—all within the digital assets space.

Selini Capital

Paper Ventures is a first-in, innovative investment firm, focusing on the ever-changing landscape of emerging technologies.

Paper Ventures

ATW Partners

Mill City Ventures III

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

Kraken Ventures

Hivemind Capital Partners

Syncracy Capital is a thesis-driven hedge fund making high conviction, concentrated investments in the secular winners of the cryptoeconomy.

Syncracy Capital

FG Nexus

Polychain Capital is a cryptocurrency-focused investment management firm and hedge fund. It was founded in 2016 by Olaf Carlson-Wee, who was the first employee at Coinbase and is known for being one of the earliest advocates of cryptocurrencies and blockchain technology. Polychain Capital is headquartered in San Francisco, California, and is considered one of the prominent players in the cryptocurrency investment space.

Polychain Capital

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

Blockchain.com Ventures is a venture fund anchored and supported by Blockchain.com & Lightspeed Venture Partners

Blockchain.com Ventures

Wintermute is a truly value adding investor dedicated to supporting the innovation in the blockchain ecosystem.

Wintermute

Ribbit Capital is a venture capital firm that invests in early-stage companies.

Ribbit Capital

Haun Ventures

Ethena

StablecoinX

Malta

YZi Labs is an investment firm formerly known as Binance Labs that invests in all stages of development in the fields of Web3, artificial intelligence (AI), and biotechnology.

YZi Labs (prev Binance Labs)

SIG is a global quantitative trading firm committing its own capital to trade financial products around the world.


XRP XRP	$2.03	−3.86%	$122.29 B	$202.67 B	--	--	--	--
AVAX Avalanche	$13.35	−8.15%	$5.72 B	$6.14 B	$0.50	26.66x	$0.85	23.00x
ENA Ethena	$0.259	−9.29%	$1.99 B	$3.88 B	--	--	--	--
KAIA Kaia	$0.0767	−4.39%	$452.31 M	$452.31 M	--	--	--	--
FBTC Function FBTC	$90,028.00	−3.55%	$1.06 B	$1.06 B	--	--	--	--
PYTH Pyth Network	$0.0682	−5.48%	$391.40 M	$680.70 M	--	--	--	--
S Sonic Labs (prev. Fantom)	$0.0953	−6.19%	$360.42 M	$370.02 M	$0.027333	3.92x	$0.04	2.38x
LUNC Terra Luna Classic	$0.00005466	79.21%	$300.21 M	$354.20 M	$0.4825	--	--	--
1INCH 1INCH	$0.1812	−5.70%	$253.45 M	$271.20 M	$1.50	0.12x	--	--
AXL Axelar	$0.1134	−3.21%	$122.56 M	$138.73 M	$0.213	0.53x	$1.00	0.11x
ALEO Aleo	$0.1271	−9.62%	$89.71 M	$239.02 M	--	--	--	--
AVNT Avantis	$0.3282	−5.88%	$84.64 M	$327.80 M	--	--	--	--
SKL SKALE	$0.01267	−2.37%	$76.93 M	$79.47 M	$0.00665	2.50x	$0.03	0.42x
CFG Centrifuge	$0.1339	−4.38%	$76.70 M	$91.05 M	$0.035	3.82x	$0.38	0.29x
ELF aelf	$0.0908	3.13%	$73.74 M	$91.15 M	--	--	$0.099	0.92x
FRAX Frax (prev. FXS)	$0.792	−2.97%	$69.84 M	$79.02 M	--	--	--	--
PLUME Plume	$0.02157	−0.71%	$67.73 M	$216.00 M	--	--	--	--
BABY Babylon	$0.01952	−0.55%	$55.34 M	$203.84 M	--	--	--	--
POWR Powerledger	$0.0901	−0.74%	$50.90 M	$89.60 M	--	--	$0.0838	1.07x
NU NuCypher	$0.03598	−1.46%	$49.68 M	$49.68 M	$0.013793	2.61x	--	--

Galaxy

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