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**Paradigm and Galaxy Digital Back Biotech Merger to Pivot to $888 Million Hyperliquid Treasury Strategy**
In a surprising yet intriguing move, Sonnet BioTherapeutics, a publicly listed biotechnology firm, has announced a definitive merger agreement with Rorschach I LLC, a newly formed entity backed by Atlas Merchant Capital and other crypto-focused investors. The merged company will adopt the name Hyperliquid Strategies, Inc., and shift its focus to building a significant treasury anchored by the HYPE token.
Upon completion of the transaction, Hyperliquid Strategies is expected to hold roughly 12.6 million HYPE tokens, currently valued at approximately $583 million. Additionally, the newly formed entity will have access to at least $305 million in fresh capital. This substantial valuation would put Hyperliquid’s combined value at nearly $888 million.
Notably, this development has attracted strategic participation from prominent names in the digital asset space, including Paradigm Ventures and Galaxy Digital Asset Management, as well as Pantera Capital, D1 Capital, Republic Digital, and 683 Capital.
This pivotal transition will also lead to significant leadership changes within HSI. Bob Diamond, Atlas’s co-founder and CEO, will assume the role of Chairman of the Board, while David Schamis, Atlas’s CIO and Co-founder, will take over as CEO. Further appointments include a new Chief Financial Officer, and former Boston Federal Reserve President Eric Rosengren joining the board.
The Hyperliquid’s growing influence is reflected in recent developments, where other companies have begun integrating HYPE into their treasury strategies.
Source: cryptoslate.com
