#NASDAQ

Sonnet BioTherapeutics to Merge and Become Hyperliquid Strategies in $888M Deal 🚀

Nasdaq-listed Sonnet BioTherapeutics (SONN) is merging with Rorschach I LLC to form Hyperliquid Strategies, Inc., launching a HYPE treasury strategy. The new entity will hold 12.6M $HYPE tokens and $305M in cash, with a total value of $888M. Strategic investors like Paradigm, Galaxy Digital, and Pantera Capital are backing the deal. 💰

Hyperliquid Strategies will trade on Nasdaq under a new ticker, focusing on acquiring more $HYPE tokens to build a major reserve for the decentralized exchange Hyperliquid, which saw $1.5T in perps volume last year. 📈

Post-merger, Sonnet will operate as a subsidiary, continuing its oncology-focused biotech work, with shareholders receiving contingent value rights. $SONN shares surged 300% in pre-market trading, pushing its market cap to ~$16M. 🔥