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

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]