news 
Title: Public Firm Sonnet BioTherapeutics to Launch Hyperliquid Treasury in New Deal
Sonnet BioTherapeutics, Inc., a publicly listed company on the Nasdaq stock market, has announced plans to merge with Rorschach I LLC and rebrand as Hyperliquid Strategies. As part of this new deal, Hyperliquid will launch a treasury strategy aimed at acquiring more HYPE tokens, further solidifying its position in the digital asset space.
The agreement is worth a staggering $888 million, comprising both cash and HYPE tokens. The merged entity will hold 12.6 million HYPE tokens and approximately $305 million in cash, bringing the total assets under management to a substantial $888 million. This move comes as no surprise, given the impressive performance displayed by Hyperliquid over the past few months.
In related news, the HYPE token has seen significant gains following the announcement, currently trading at $48.25 after experiencing a 0.47% increase in the last 24 hours.
Source: www.coinspeaker.com
