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