On July 14, according to The Block, U.S. stock-listed biotechnology company Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC, will be renamed Hyperliquid Strategies, and will launch the HYPE token reserve strategy. The merged entity is expected to hold 12.60 million HYPE tokens and $305.00 million in cash, with a total valuation of $888.00 million. Paradigm co-founder Matt Huang said that Hyperliquid has made a breakthrough as a crypto project with real fundamentals, and that HYPE is difficult to obtain in the United States, and this reserve strategy will contribute to the Hyperliquid ecosystem. [Deep Tide TechFlow]

Nasdaq-listed Sonnet will merge with Rorschach I to form crypto asset management company Hyperliquid Strategies Inc. (HSI), expected to hold 12.60 million HYPE and at least $305.00 million in cash, with a valuation of approximately $888.00 million. The transaction is supported by Paradigm, Galaxy Digital, and others, and is expected to be listed on Nasdaq in the second half of the year. The original biopharmaceutical business will be retained as a subsidiary. [TheBlock]

HYPE

Sonnet plans to merge with Rorschach to form Hyperliquid Strategies, valued at $888.00 million

Nasdaq-listed Sonnet BioTherapeutics Agrees to $888.00 million Merger, Will Rebrand as Hyperliquid Strategies and Launch HYPE Treasury Strategy. Nasdaq-listed Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and launch a treasury strategy. According to a press release issued on Monday, Rorschach I LLC is a newly formed company by affiliates of Atlas Merchant Capital LLC, affiliates of Paradigm Operations LP, and other sponsors. Upon completion of the transaction, the new entity will be renamed Hyperliquid Strategies and is expected to hold 12.60 million HYPE tokens and $305.00 million in cash, with a total valuation of approximately $888.00 million. The transaction was supported by strategic investors including Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. Upon completion of the merger, Hyperliquid Strategies will continue to trade on the Nasdaq, with a change in ticker symbol, becoming a publicly listed cryptocurrency treasury company. The parties stated that the cash proceeds will enable Hyperliquid Strategies to increase its holdings of HYPE tokens and build a top-tier HYPE strategic reserve. Upon completion of the transaction, Atlas co-founder and CEO Bob Diamond will become Chairman of Hyperliquid Strategies, and another Atlas co-founder and CIO David Schamis will serve as CEO. [ChainCatcher]

Publicly listed company Sonnet will merge to form Hyperliquid Strategies and launch a treasury strategy, holding 12.60 million HYPE and $300 million in cash.

Nasdaq-listed Sonnet BioTherapeutics has announced a merger with Rorschach I LLC to form Hyperliquid Strategies and launch a crypto treasury strategy. The new entity will be renamed Hyperliquid Strategies and is expected to hold 12.60 million HYPE tokens and $305.00 million in cash, with a total valuation of approximately $888.00 million. Rorschach I LLC was jointly established by affiliates of Atlas Merchant Capital and Paradigm Operations, as well as other sponsors. Upon completion of the merger, Hyperliquid Strategies will continue to be listed on the Nasdaq, becoming a publicly traded company focused on crypto asset management, and the stock ticker will also be changed. This transaction is supported by institutions such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. (The Block) [Odaily Planet Daily]

Sonnet will merge to form Hyperliquid Strategies, holding 12.60 million HYPE and $300 million in cash

US-listed Sonnet BioTherapeutics to merge with Rorschach I LLC to become Hyperliquid Strategies and establish HYPE reserve strategy

Nasdaq-listed company Sonnet BioTherapeutics has agreed to an $8.88 billion merger deal, will be renamed Hyperliquid Strategies, and will launch the HYPE treasury strategy. The Nasdaq-listed company Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and launch a treasury strategy. According to a press release issued on Monday, Rorschach I LLC is a newly formed company by affiliated entities of Atlas Merchant Capital LLC, companies affiliated with Paradigm Operations LP, and other sponsors. Upon completion of the transaction, the new entity will be renamed Hyperliquid Strategies and is expected to hold 12.6 million HYPE tokens and $305 million in cash, with an estimated total valuation of approximately $8.88 billion. The transaction has attracted strategic investors such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. After the merger, Hyperliquid Strategies will continue to trade on Nasdaq, with a change in stock symbol, becoming a publicly traded cryptocurrency treasury company. The parties to the transaction stated that the cash proceeds will enable Hyperliquid Strategies to increase its holdings of HYPE tokens to build a premier HYPE strategic reserve. Upon completion of the transaction, Atlas Co-founder and CEO Bob Diamond will serve as Chairman of Hyperliquid Strategies, and another Atlas Co-founder and CIO David Schamis will serve as CEO. [BlockBeats News]

U.S. listed company Sonnet will merge to form Hyperliquid Strategies and launch a Treasury Reserve Strategy holding 12.6 million HYPE tokens and $3 billion in cash.

On July 14, according to The Block, Nasdaq-listed Sonnet BioTherapeutics agreed to an $888.00 million merger deal, which will be renamed Hyperliquid Strategies and launch the HYPE treasury strategy.

Nasdaq-listed Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and launch a treasury strategy. According to a press release issued on Monday, Rorschach I LLC is a newly established company by an affiliate of Atlas Merchant Capital LLC, an affiliate of Paradigm Operations LP, and other sponsors.

Upon completion of the transaction, the new entity will be renamed Hyperliquid Strategies and is expected to hold 12.60 million HYPE tokens and $305.00 million in cash, with a total valuation of approximately $888.00 million. The transaction was participated in by strategic investors such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. After the merger, Hyperliquid Strategies will continue to trade on the Nasdaq, with a change in stock code, becoming a publicly listed cryptocurrency treasury company.

The parties to the transaction stated that the cash proceeds will enable Hyperliquid Strategies to increase its holdings of HYPE tokens and build a top-tier HYPE strategic reserve. Upon completion of the transaction, Atlas co-founder and CEO Bob Diamond will become Chairman of Hyperliquid Strategies, and another Atlas co-founder and CIO David Schamis will become CEO. [BlockBeats]

US-listed company Sonnet will merge to form Hyperliquid Strategies and launch a treasury strategy, holding 12.60 million HYPE and $300 million in cash.

Nasdaq-listed Sonnet BioTherapeutics has reached a business combination agreement with Rorschach I LLC worth approximately $888.00 million to jointly create Hyperliquid Strategies Inc (HSI), which will become the largest publicly traded company in the United States holding HYPE. The transaction includes approximately $583.00 million worth of HYPE tokens (a total of 12.60 million tokens) and $305.00 million in cash. [Foresight News]

Bonnet BioTherapeutics Merges with Rorschach I LLC to Form Hyperliquid Strategies

Biotech firm Sonnet is merging with Rorschach to form Hyperliquid Strategies, which aims to become HYPE token’s largest United States-listed holder.

Biotech firm Sonnet to form $888M HYPE treasury

据The Block报道，7月14日，美国上市生物科技公司Sonnet BioTherapeutics已同意与Rorschach I LLC合并，合并后将更名为Hyperliquid Strategies，并将推出HYPE token储备策略。合并后的实体预计将持有1260万枚HYPE token和3.05亿美元现金，整体估值为8.88亿美元。Paradigm联合创始人Matt Huang表示，Hyperliquid作为一个具备真实基础的加密项目取得了突破，且HYPE在美国较难获得，这一储备策略将有助于Hyperliquid生态的发展。[Deep Tide TechFlow]

在美国上市的Sonnet BioTherapeutics将与Rorschach I LLC合并，合并后将更名为Hyperliquid Strategies，并建立HYPE储备策略。

據The Block報道，7月14日，美國上市生物科技公司Sonnet BioTherapeutics已同意與Rorschach I LLC合併，合併後將更名爲Hyperliquid Strategies，並將推出HYPE token儲備策略。合併後的實體預計將持有1260萬枚HYPE token和3.05億美元現金，整體估值爲8.88億美元。Paradigm聯合創始人Matt Huang表示，Hyperliquid作爲一個具備真實基礎的加密項目取得了突破，且HYPE在美國較難獲得，這一儲備策略將有助於Hyperliquid生態的發展。[Deep Tide TechFlow]