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
0
Share
copy

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.

You may also like

In the name of charity, for the benefit of the family: How the Trump family turned charity into profit?

This set of "beautiful rhetoric and value return to one's own people" has not stopped at charitable foundations; it has now almost been transferred intact to American Bitcoin.

Will Gold Break $4,500 After Tonight's Fed Decision? What XAUT and PAXG Traders Need to Know

The Federal Reserve announces its June rate decision tonight. Could gold break $4,500 next? Explore the latest gold price prediction, key Fed scenarios, and what they mean for XAUT and PAXG traders.

Cursor, why did you get on Musk's spaceship?

SpaceX set a record with its IPO, spending a staggering $60 billion to acquire the popular AI programming unicorn Cursor just four days later. Musk is using the ultimate puzzle of "super computing power + top coding engine" to propel the market value skyrocketing, surpassing Amazon in one fell swoop...

Morning Report | DeepSeek completes over $7 billion in financing, with a valuation exceeding $50 billion; Musk's personal wealth has surpassed the total market value of Bitcoin

Overview of Important Market Events on June 16

SharpLink CEO: How to understand that Ethereum developers have just surpassed 1 million?

The most important question in the cryptocurrency industry is not which chain is the fastest, but rather where top builders choose to build in the long term. Ethereum has just surpassed one million cumulative developers; what does this number mean?

Morning Report | MiCA grace period expires on July 1; Kalshi's trading volume in the first week of the World Cup breaks $5.1 billion, setting a record

Overview of Important Market Events on June 15
1,000 BTC Protection Fund
1:1 proof of reserves and on-chain verification to keep your funds secure.
1,000 BTC Protection FundVerify now

Popular coins

Latest Crypto News

19:43

Analyst: The FOMC may trigger a bearish market, and Bitcoin needs to hold the $64,000 support to maintain a bullish structure

Bitcoin has fallen below $65,000, approaching a key short-term support level ahead of the Federal Reserve's interest rate decision announcement. The Federal Reserve will announce its interest rate decision at 2 AM Beijing time on June 18, which is the main catalyst for volatility this week. This FOM...
19:43

Bitget integrates Fireblocks to support institutional-level over-the-counter settlement, with on-chain assets under independent control

Bitget integrates Fireblocks Off Exchange, allowing institutional users to trade through on-chain MPC shared wallets without transferring assets, while retaining full control over their assets and fully accessing Bitget's liquidity and execution environment.Bitget CEO Gracy Chen stated that for inst...
19:43

K33: The supply of Bitcoin held by long-term holders has reached an all-time high, and the bear market may be nearing its end

Cryptocurrency research firm K33 stated that the supply of Bitcoin held by long-term holders has reached an all-time high, indicating that the bear market may be nearing its end. K33 noted that the activity of reactivating old coins in 2026 is significantly sluggish; as of June 6, only 218,421 Bitco...
19:43

Slow fog warning, over 140 Mastra npm packages suffered supply chain attacks

Slow Fog stated that over 140 Mastra-related npm packages were subjected to a supply chain attack, with the affected versions introducing the malicious dependency easy-day-js@1.11.22, triggering code execution controlled by the attacker during the installation phase.
19:43

Hebei High Court: A man was sentenced to five years and four months in prison for illegally raising funds under the guise of the metaverse concept, with the amount involved exceeding 15 million yuan

The Hebei High Court released typical cases of cracking down on illegal fundraising. A certain man packaged an investment project with the concept of "metaverse" to promote the virtual goods investment project of the "Newmateworks" platform under the "Yishang United Community" to the public, inducin...
Read more
Community
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com