Sonnet shareholders approve merger for potential $1 billion HYPE crypto treasury
Sonnet BioTherapeutics shareholders approved the merger to form Hyperliquid Strategies, a publicly-traded HYPE digital asset treasury.Summary
Nasdaq-listed Sonnet BioTherapeutics Inc.'s merger to become a HYPE digital asset treasury (DAT), named Hyperliquid Strategies, Inc., has been approved by shareholders after previous delays. The merger, initially announced in July, involves combining with Rorschach I LLC, a company linked to Hyperliquid-backer Paradigm. At the time of the initial agreement, the DAT expected to hold 12.6 million HYPE tokens and $305 million in cash, valued around $888 million, with a subsequent filing aiming to raise up to $1 billion. Hyperliquid is a popular decentralized perpetual futures exchange. The approval comes despite recent market dips affecting the cumulative market cap of DATs, and the HYPE token price has fallen from about $47 to nearly $33 since the merger was first announced. Strategic investors in the deal include Galaxy Digital, Pantera Capital, and others.
(Source：The Block)