How To Value Hyperliquid

With over $100B in BTC and ETH now held by digital asset treasury companies, it was only a matter of time before Hyperliquid investors began launching vehicles designed specifically to accumulate HYPE. And few are doing it at the scale of David Schamis, Founding Partner and CIO of Atlas Merchant Capital.

David has been investing around crypto for years, including leading a SPAC in 2022 that nearly took Circle public before the FTX collapse derailed the deal. Today, he’s all in on Hyperliquid. Alongside his business partner, former Barclays CEO Bob Diamond, he has merged Sonnet BioTherapeutics with Hyperliquid Strategies, Inc. to create what is now the largest HYPE DAT in the world.

On December 2, 2025, NASDAQ-listed Sonnet BioTherapeutics (SONN) announced its shareholders had officially approved the business combination with Hyperliquid Strategies. It’s yet another signal that this cycle is different: some of Wall Street’s most experienced operators aren’t just observing crypto from afar — they’re building, staking, and committing capital to the HyperEVM ecosystem with the express goal of accumulating HYPE and strengthening the network.

In a new episode of The Edge Podcast, David lays out how professional investors value Hyperliquid, why he believes HYPE remains deeply undervalued, and what makes Hyperliquid unlike any other chain today. We dive into the bull case for HYPE, the economics behind DATs, and how Hyperliquid’s architecture positions it to become foundational financial infrastructure for RWAs and ultimately, for Wall Street itself.

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Disclosure: Nomatic holds HYPE.