news 
**Paradigm and Galaxy Back Biotech Merger to Pivot to $888M Hyperliquid Treasury Strategy**
In a significant development, Sonnet BioTherapeutics has announced a definitive agreement to merge with Rorschach I LLC, a newly formed entity backed by Atlas Merchant Capital and other crypto-focused investors. The combined company will adopt the name Hyperliquid Strategies, Inc., and pivot its focus to building a substantial treasury anchored on HYPE token.
The transaction is expected to result in a newly created entity holding approximately 12.6 million HYPE tokens currently valued at around $583 million. Additionally, the merged firm will have access to at least $305 million in fresh capital. This development would enable Hyperliquid Strategies to launch with a combined value of nearly $888 million.
The strategic participation of prominent players in the digital asset space, including Paradigm Ventures and Galaxy Digital Asset Management, underscores the significant interest in HYPE token. Notably, Matt Huang, co-founder at Paradigm, emphasized the crypto protocol’s “real fundamentals: strong core contributors, exacting product quality, and meteoric growth.” This growing institutional demand for HYPE exposure is expected to help bridge accessibility gaps in the US market.
Upon the deal’s closure, key leadership changes will be implemented. Bob Diamond, Atlas Merchant Capital’s co-founder and CEO, will assume the role of Chairman of the Board, while David Schamis, also an Atlas co-founder and CEO, will take over as CEO at Hyperliquid Strategies, Inc. Furthermore, a new Chief Financial Officer and former Boston Federal Reserve President Eric Rosengren will join the board.
The merger highlights the rising influence of Hyperliquid in the blockchain space, which has seen remarkable growth.
Source: cryptoslate.com
