Sonnet, a US listed company, will merge to form Hyperliquid Strategies and launch a treasury strategy, holding 12.6 million HYPEs and $300 million in cash

On July 14th, according to The Block, Nasdaq listed company Sonnet BioTherapeutics agreed to a $888 million merger deal, renaming itself as Hyperliquid Strategies and launching a HYPE treasury strategy. Sonnet BioTherapeutics, listed on NASDAQ, has agreed to merge with Rorschach I LLC to establish Hyperliquid Strategies and launch a treasury strategy. According to a press release released on Monday, Rorschach I LLC is a newly established company by affiliated entities of Atlas Merchant Capital LLC, Paradigm Operations LP, and other sponsors. After the transaction is completed, the new entity will be renamed Hyperliquid Strategies and is expected to hold 12.6 million HYPE tokens and $305 million in cash, with a total valuation of approximately $888 million. This transaction has attracted the participation of strategic investors such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. After the merger is completed, Hyperliquid Strategies will continue to trade on NASDAQ with a change in stock code, becoming a publicly listed cryptocurrency treasury company.