Sonnet BioTherapeutics' merger with Rorschach I LLC will create Hyperliquid Strategies, Inc., positioning it as a major player in the crypto treasury space with significant HYPE token holdings.
Sonnet BioTherapeutics has finalized an $888 million merger with Rorschach I LLC, resulting in the formation of Hyperliquid Strategies, Inc. This new entity will manage a treasury that includes 12.6 million HYPE tokens valued at approximately $583 million and $305 million in cash. The move is backed by prominent investors like Galaxy Digital and Paradigm, signaling a strategic shift towards cryptocurrency and institutional access to the Hyperliquid ecosystem. Following the merger, Hyperliquid Strategies will be publicly traded on NASDAQ, providing investors with indirect exposure to HYPE.