Nasdaq-listed Sonnet BioTherapeutics and SPAC entity Rorschach I have announced a merger that will lead to the formation of a new crypto-focused company, Hyperliquid Strategies.
Formation of Hyperliquid Strategies
Sonnet BioTherapeutics and Rorschach I have signed a merger agreement to create Hyperliquid Strategies Inc., a new company focused on cryptocurrencies. This is a significant pivot for Sonnet as it exits the biotech sector and enters the world of digital assets.
$HYPE Tokens and Cash Reserves
After the merger, Hyperliquid Strategies is projected to be valued at $888 million. The company holds 12.6 million $HYPE tokens and $305 million in cash, enabling it to actively engage in the market and expand. The $HYPE token is a key component of the company's ecosystem.
Support from Major Investors
The backing of major investors like Paradigm and Galaxy Digital is seen as a strong vote of confidence in Hyperliquid’s model. These firms have a track record of supporting high-growth projects in the crypto industry.
The merger of Sonnet and Rorschach I into Hyperliquid Strategies opens new horizons for the company in the digital asset space, enhancing its financial capabilities and market appeal.
