U.S. listed company Sonnet will merge to form Hyperliquid Strategies and launch a Treasury Reserve Strategy holding 12.6 million HYPE tokens and $3 billion in cash.

By: theblockbeats.news|2025/07/14 20:07:03
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BlockBeats News, July 14th, according to The Block, Nasdaq-listed company Sonnet BioTherapeutics has agreed to an $8.88 billion merger deal, will be renamed Hyperliquid Strategies, and will launch the HYPE treasury strategy.

The Nasdaq-listed company 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 affiliated entities of Atlas Merchant Capital LLC, companies affiliated with Paradigm Operations LP, and other sponsors.

Upon completion of the transaction, the new entity will be renamed Hyperliquid Strategies and is expected to hold 12.6 million HYPE tokens and $305 million in cash, with an estimated total valuation of approximately $8.88 billion. The transaction has attracted strategic investors such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. After the merger, Hyperliquid Strategies will continue to trade on Nasdaq, with a change in stock symbol, becoming a publicly traded cryptocurrency treasury company.

The parties to the transaction stated that the cash proceeds will enable Hyperliquid Strategies to increase its holdings of HYPE tokens to build a premier HYPE strategic reserve. Upon completion of the transaction, Atlas Co-founder and CEO Bob Diamond will serve as Chairman of Hyperliquid Strategies, and another Atlas Co-founder and CIO David Schamis will serve as CEO.

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