New Venture: Hyperliquid Strategies and Sonnet BioTherapeutics Combine Forces in Historic Deal

**Public Firm Sonnet BioTherapeutics to Launch HyperLiquid Treasury in New Deal**

In a groundbreaking move, publicly-traded company Sonnet BioTherapeutics, Inc. has decided to merge with Rorschach I LLC to form Hyperliquid Strategies, Inc., which will subsequently launch a treasury strategy. The monumental merger deal is valued at $888 million.

As part of the agreement, the newly formed entity, Hyperliquid Strategies, will possess 12.6 million HYPE tokens and $305 million in cash, resulting in a total asset value of $888 million. This significant development has undoubtedly contributed to the positive sentiment surrounding the HYPE token, which currently trades at $48.25, reflecting an impressive 0.47% gain within the last 24 hours.

The combined entity will continue to be listed on the Nasdaq stock market under a new ticker as a public crypto treasury company once the transaction is finalized. This strategic merger has attracted attention from influential investors and operators who possess deep, relevant expertise in both cryptocurrency and financial services.

It’s worth noting that Hyperliquid Strategies’ capabilities have led to it surpassing its competitors with an astonishing $1.5 trillion perpetual futures trading volume over 12 months. In addition, the company has reported a staggering $56 million in fees and revenue for June alone, resulting in a cumulative total of $310 million.

The merged entity’s treasury strategy will be focused on acquiring more HYPE tokens, as previously stated, with funds generated from this effort channeled towards further expanding the size of the treasury.

Source: www.coinspeaker.com