
Title: Sonnet BioTherapeutics, Inc. Stock Soars 218% Amid $888M Hyperliquid Merger Deal
In a shocking turn of events, Sonnet BioTherapeutics, Inc. (SONN) has seen its stock skyrocket an astonishing 218%, reaching highs above $20 before settling at around $16.47 by the end of trading today.
The incredible surge comes as the company announces a transformative merger deal with Rorschach I LLC, valued at a staggering $888 million. This game-changing combination will see Sonnet rebrand as Hyperliquid Strategies Inc. (HSI), shifting its focus to become a crypto treasury company centered around the HYPE token.
This bold move marks a significant pivot for Sonnet BioTherapeutics Holdings, which will hold 12.6 million HYPE tokens and $305 million in cash upon completion of the merger. Once finalized, HSI is poised to be an unprecedented example of a public company holding substantial digital asset reserves anchored by the HYPE token.
In anticipation of the impending merger, Sonnet’s shares have responded accordingly, climbing sharply in pre-market trading before settling at around $16.47 by 9:53 AM EDT.
As part of this monumental transaction, Rorschach I LLC will provide capital and strategic oversight to support HSI’s growth. The combined entity aims to utilize its treasury reserves to capitalize on the cryptocurrency market’s explosive growth potential.
The proposed merger has already received board approval and is now awaiting shareholder consent as well as regulatory clearances. It is expected to close in the second half of 2025.
This development serves as a beacon of hope for investors, signaling that the crypto sector remains ripe for innovative partnerships.
Source: coincentral.com