Sonnet will merge to form Hyperliquid Strategies, holding 12.60 million HYPE and $300 million in cash
Powered by ChatGPTNasdaq-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]