Sonnet shareholders approve Hyperliquid merger to launch HYPE-focused crypto treasury

Sonnet BioTherapeutics Holdings shareholders have approved a merger with Hyperliquid Strategies Inc and Rorschach I LLC, effectively pivoting the company into a publicly traded crypto-native treasury vehicle. The newly combined entity, Hyperliquid Strategies Inc (HSI), will hold $888 million in combined assets, including $583 million in HYPE tokens and $305 million in cash, making it one of the largest holders of HYPE, the token for the Hyperliquid decentralized exchange. While the original immuno-oncology biotech unit will continue as a subsidiary, the primary strategic focus will shift to managing this HYPE-centric treasury. HSI is expected to trade on Nasdaq under the ticker HSI and has also filed for a $1.0 billion common stock offering to further expand its crypto holdings.

(Source：Crypto Briefing)