If you are considering buying $SONN based on the Hyperliquid treasury company announcement, read this: - Legacy SONN holders end up with ~1.2 % of the new company - HSI (the name of the new company) will have assets valued at ~$888M, meaning implied net asset value of SONN is about $10.7m - $10.7m/3.17m (amt. of SONN shares) means NAV for SONN is $3.36 It's currently trading at $9.41 ($16.4m), so mNAV is about 2.8x This is actually about middle of the pack when it comes to treasury companies, but lower compared to Ethereum, Solana or management teams that have bigger plans (NAKA or STRIVE) Microstrategy post BTC announcement regularly saw shocks up above 4 even 5x NAV. It has settled around 2: Each of the Ethereum and Solana treasury companies are closer to a multiple of 6 There is a lot of execution risk, but the case for this at 2.8x while other assets with ETFs are sitting at 6 is an important detail that is easy to miss (h/t @Presto_Research)