news 
Title: Public Firm Sonnet BioTherapeutics to Launch HyperLiquid Treasury in New Deal
In a significant move, Nasdaq-listed Sonnet BioTherapeutics, Inc. has agreed to merge with Rorschach I LLC and form Hyperliquid Strategies, Inc. As part of the deal, the new entity will launch a treasury strategy aimed at acquiring more HYPE tokens.
The merger is reportedly worth $888 million, comprising both cash and HYPE tokens. Notably, this transaction highlights the growing influence of digital assets in the financial markets.
As part of the arrangement, Hyperliquid Strategies will hold 12.6 million HYPE tokens and $305 million in cash, bringing the total value to $888 million.
Source: www.coinspeaker.com
