Key Notes
- Sonnet BioTherapeutics, Inc.has decided to merge with Rorschach I LLC to become Hyperliquid Strategies.
- Hyperliquid Strategies will hold 12.6 million HYPE tokens and $305 million in cash, totaling $888 million in assets.
- The HYPE token has gained momentum as positive merger news fuels a broader crypto market rally.
.
Nasdaq-listed Sonnet BioTherapeutics, Inc. is set to merge with Rorschach I LLC to become Hyperliquid Strategies, Inc.
As a new single entity, they will launch a HYPE
HYPE
$49.73
24h volatility:
4.0%
Market cap:
$16.61 B
Vol. 24h:
$438.91 M
treasury strategy. Notably, this merger deal is worth $888 million, both in cash and HYPE tokens.
$888 Million Deal Between Sonnet BioTherapeutics and Rorschach
Sonnet BioTherapeutics, Inc. has agreed to a merger with Rorschach I LLC to become Hyperliquid Strategies. Its partner, Rorschach I LLC, is a new company linked to Atlas Merchant Capital LLC. Hyperliquid Strategies is set to hold 12.6 million HYPE tokens and $305 million in cash, totaling $888 million.
Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital are some of the participants in the transaction.
Going forward, Hyperliquid Strategies will continue to trade on the Nasdaq stock market but under a new ticker as a public crypto treasury company once the deal closes.
Paradigm co-founder Matt Huang highlighted Hyperliquid’s progress so far, citing that the company has broken out as a crypto project with real fundamentals. Some of these fundamentals are strong core contributors, exacting product quality, and meteoric growth, as listed by Huang.
“We hear lots of institutional demand for exposure to Hyperliquid, yet the native token HYPE is difficult to access in the United States. We are excited about this treasury strategy, which we believe will contribute to the Hyperliquid ecosystem in many ways over time,” he revealed in a statement.
Atlas co-founder and CEO Bob Diamond will serve as Chairman of Hyperliquid Strategies. Fellow co-founder and CIO David Schamis will take on the role of CEO.
The board will also include former Boston Fed President Eric Rosengren and two current independent directors from Sonnet.
Hyperliquid Shows Strong Prospects
The cash realized from the new entity will be channelled towards the acquisition of more HYPE. This is in line with owning one of the largest treasuries for the native token of the decentralized exchange.
In June, Hyperliquid had surpassed $1.571 trillion in perpetual futures trading volume over 12 months.
Sealaunch data on Dune Analytics confirmed that the platform earned $56 million in fees and revenue in June alone. This brought its cumulative revenue to $310 million.
Similarly, Hyperliquid had recorded $248 billion in perpetual futures volume in May alone. Apart from the milestones mentioned above, Hyperliquid has also set a new all-time high of $11.3 billion in open interest.
Atlas CEO Diamond recognizes these capabilities and prospects of Hyperliquid. He described it as a differentiated offering within the digital asset space. The executive is confident that a unique team of investors and operators who have deep, relevant crypto and financial services experience will be crucial to maximizing the opportunities that will come with the latest merger.
The development may have contributed to the rally in HYPE price. At the time of writing, the token traded at $48.25 after gaining 0.47% in the last 24 hours.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
