CoinVoice has learned that, according to The Block, Nasdaq-listed Sonnet BioTherapeutics has agreed to an $888 million merger deal, will be renamed Hyperliquid Strategies, and will launch the HYPE treasury strategy.
Nasdaq-listed 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 established company formed by affiliates of Atlas Merchant Capital LLC, 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 a total valuation of approximately $888 million. The deal has participation from strategic investors including Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. After the merger, Hyperliquid Strategies will continue trading on Nasdaq, with a change in ticker symbol, becoming a publicly listed cryptocurrency treasury company.
The parties to the transaction stated that the cash proceeds will allow Hyperliquid Strategies to increase its holdings of HYPE tokens, creating a top-tier HYPE strategic treasury. After the transaction is completed, Atlas co-founder and CEO Bob Diamond will serve as chairman of Hyperliquid Strategies, while another Atlas co-founder and CIO David Schamis will take on the role of CEO. [Original link]
