Hyperliquid Strategies named David Schamis chief executive officer on December 2, 2025. That was the day its merger with Sonnet BioTherapeutics Holdings closed1. A joint press release filed with the Securities and Exchange Commission carries the news. "HSI will be led by David Schamis as Chief Executive Officer," the filing states. The release names Bob Diamond and six other directors alongside Schamis on the new board. Trading in the combined company's stock began on Nasdaq under the ticker "PURR" on December 3, 2025, the filing states. The Block confirmed Schamis as chief executive in a report published December 8, 20252.
35 CEO appointments on the record in 2025, the most of any year
CEO appointments CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2025: 35
- 2019, 2020, 2021, 2022, 2023, 2024, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 8 |
| 2020 | 7 |
| 2021 | 6 |
| 2022 | 18 |
| 2023 | 17 |
| 2024 | 26 |
| 2025 | 35 |
| 2026 | 18 |
Capital Markets & Treasury led CEO appointments in 2025, with five
CEO appointments CryptoLately has verified in 2025, by the sector of the company
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| Capital Markets & Treasury | 5 |
| Regulation & Enforcement | 3 |
| Bitcoin & Mining | 3 |
| Trading Venues & Brokerage | 3 |
| Layer 1s & Infrastructure | 2 |
| Stablecoins & Payments | 2 |
| Wallets & Consumer Apps | 1 |
| Institutional Custody & Asset Management | 1 |
The appointment
Schamis co-founded Atlas Merchant Capital with Bob Diamond. The pair carried that partnership into the new company. Diamond became Hyperliquid Strategies' chairman1. He praised the deal in a quote the filing carries. “We are thrilled to have completed this business combination, allowing US equity investors to gain exposure to the HYPE token through our digital asset treasury strategy with a large, highly liquid listing,” he said. Schamis spoke in the same release. “The Hyperliquid blockchain was built to house all finance. It has rapidly become one of the highest-revenue-generating blockchains in the world,” he said. He called the closing "a watershed moment" for investors seeking Hyperliquid exposure through a public listing. Paradigm managing partner Alana Palmedo backed the deal too. “Hyperliquid's approach to high-performance, decentralized trading has attracted substantial volumes from a growing community of traders and developers,” Palmedo said.
Sonnet BioTherapeutics before and after
Before the merger, Sonnet BioTherapeutics traded on Nasdaq as an oncology drug maker, building biologic compounds on a platform the filing calls FHAB, for Fully Human Albumin Binding1. The merger folded Sonnet into Hyperliquid Strategies as a wholly owned unit, and Sonnet shareholders got new shares at a five-for-one exchange ratio, the filing states. Hyperliquid Strategies now says its main focus is buying HYPE, the native token of the Hyperliquid blockchain, for shareholders, the filing states.
What to watch
Hyperliquid Strategies' coming SEC filings will show how much HYPE the company holds and how it pays for further purchases. The firm had already filed to raise up to $1 billion for its treasury work, The Block reported2. Its board authorized up to $30 million in stock buybacks within a week of the merger's close, The Block reported. A later quarterly filing will show whether Schamis followed through on that plan.
Sources
- "Hyperliquid Strategies Inc and Sonnet BioTherapeutics Holdings, Inc. Announce Closing of Business Combination," SEC EDGAR (Exhibit 99.1), December 2, 2025, https://www.sec.gov/Archives/edgar/data/2078856/000149315225025886/ex99-1.htm
- "HYPE token treasury Hyperliquid Strategies rolls out $30 million stock repurchase program," The Block, December 8, 2025, https://www.theblock.co/post/381780/hype-token-treasury-hyperliquid-strategies-stock-repurchase