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 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]