On July 14, according to The Block, Nasdaq-listed Sonnet BioTherapeutics agreed to an $888.00 million merger deal, which will be renamed Hyperliquid Strategies and launch the HYPE treasury strategy.

Nasdaq-listed Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and launch a treasury strategy. According to a press release issued on Monday, Rorschach I LLC is a newly established company by an affiliate of Atlas Merchant Capital LLC, an affiliate of Paradigm Operations LP, and other sponsors.

Upon completion of the transaction, the new entity will be renamed Hyperliquid Strategies and is expected to hold 12.60 million HYPE tokens and $305.00 million in cash, with a total valuation of approximately $888.00 million. The transaction was participated in by strategic investors such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. After the merger, Hyperliquid Strategies will continue to trade on the Nasdaq, with a change in stock code, becoming a publicly listed cryptocurrency treasury company.

The parties to the transaction stated that the cash proceeds will enable Hyperliquid Strategies to increase its holdings of HYPE tokens and build a top-tier HYPE strategic reserve. Upon completion of the transaction, Atlas co-founder and CEO Bob Diamond will become Chairman of Hyperliquid Strategies, and another Atlas co-founder and CIO David Schamis will become CEO. [BlockBeats]