
**Sonnet BioTherapeutics Merges to Launch Hyperliquid Strategies**
In a groundbreaking move, Sonnet BioTherapeutics has announced its intention to merge with Rorschach I LLC and create Hyperliquid Strategies Inc., a publicly traded company dedicated to managing one of the largest public HYPE token reserves.
The monumental agreement, valued at $888 million, will see Sonnet continue as a subsidiary, focusing on its existing assets and pursuing licensing or sale agreements for its development portfolio. As part of this arrangement, Sonnet will conduct a private placement of convertible preferred shares and warrants worth $5.5 million to fund transaction costs and ongoing operations.
Once the merger is complete, expected in the second half of 2025 pending shareholder approval and regulatory conditions, Sonnet’s shareholders will be entitled to potential future payments tied to revenue generated by these assets.
Source: crypto-economy.com