Hyperliquid Strategies Inc. is implementing a plan to boost the price of HYPE worth $583 million through a merger with Rorschach I LLC and rebranding as Hyperliquid Strategies. This new organization will own approximately 12.6 million HYPE tokens, valued at around $583 million, plus $305 million in cash, bringing the total estimated value of the transaction to about $888 million.
Plan details:
• Merger and rebranding: Hyperliquid Strategies Inc. was established after Sonnet BioTherapeutics merged with Rorschach I LLC.
• Investment: The new organization will own 12.6 million HYPE tokens and $305 million in cash.
• Goal: To become one of the largest HYPE treasuries in the world and focus on HYPE reserve strategy.
• Partnerships: The project has attracted participation from renowned investment funds such as Paradigm, Galaxy Digital, Pantera Capital, and D1 Capital.
Impact on HYPE price:
• The price of HYPE has dropped from the psychological level of $50 on July 14 but still holds at $45.80.
• The buying side remains dominant with a high RSI and an upward moving average.
• If HYPE maintains the $45.80 level, the likelihood of surpassing $50 and moving towards $60 will increase.