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

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]