[Comment] HSI Has Purchased 3M HYPE Since December

Table of Contents

Current Position
Timing Context: Core Contributor Unlocks
Context

Researcher

Four Pillars

Ponyo

Related Projects

Hyperliquid

On-chain analyst @mlmabc tracked HSI’s (formerly Sonnet BioTherapeutics) wallet activity and published findings on their recent HYPE accumulation:

The numbers:

3,071,560 HYPE purchased since early December
Current value: ~$67.6M
~1.5M HYPE (~50%) bought OTC directly from Hyperliquid team wallets
Flowdesk handling execution across 50+ addresses

These are estimates based on on-chain data and are not officially confirmed.

Current Position

Deployed: $68M out of $275M warchest (25%)
NAV: 1.60x
Basic mNAV: 1.64x
Fully Diluted mNAV: 0.49x

Timing Context: Core Contributor Unlocks

The timing matters. Core contributor unlocks began November 30, 2025, just days before HSI started accumulating.

Unlock schedule (Core Contributors):

11/30/25: 326K HYPE (first unlock)
12/31/25: 10.4M HYPE
1/23/26 (today): 17.9M HYPE
6/30/26: 69.4M HYPE
11/30/26: 119.2M HYPE
Daily unlock rate: ~326K HYPE/day.

HSI's 1.5M HYPE OTC purchases represent roughly 8% of what's unlocked so far. Core contributor unlocks are one of the biggest overhangs suppressing HYPE, but this pattern suggests DATs can be an effective vehicle to absorb some of that supply. Team members get liquidity without market selling, HSI accumulates without moving the tape, and retail doesn't eat the unlock pressure. Benefits all parties.

Context

HSI merged with affiliates of Atlas Merchant Capital and Paradigm in July 2025 to become a HYPE-focused DAT. The company has a $1B shelf registration for additional equity raises.

The author of this report may have personal holdings or financial interests in assets or tokens discussed herein. However, the author affirms that no transactions have conducted using material non-public information obtained in the course of research or drafting. This report is intended solely for general information purposes and does not constitute legal, business, investment, or tax advice. It should not be used as a basis for making any investment decisions or as guidance for accounting, legal, or tax matters. Any references to specific assets or securities are made for informational purposes only and should not be construed as an offer, solicitation, or recommendation to invest. The opinions expressed herein are those of the author and may not reflect the views of any affiliated institutions, organizations, or individuals. The opinions and analyses expressed herein are subject to change without prior notice. In addition, beyond the individual disclosures included in each report, Four Pillars, may hold existing or prospective investments in some of the assets or protocols discussed herein. Furthermore, FP Validated, a division of Four Pillars, may already be operating as a node in certain networks or protocols discussed herein or may do so in the future. Please see below links in the footer for FP Validated's participating network disclosures and for broader disclosure details.

HSI Has Purchased 3M HYPE Since December

Researcher

Related Projects

Current Position

Timing Context: Core Contributor Unlocks

Context

Disclaimer

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