Nasdaq-listed Sonnet will merge with Rorschach I to form crypto asset management company Hyperliquid Strategies Inc. (HSI), expected to hold 12.60 million HYPE and at least $305.00 million in cash, with a valuation of approximately $888.00 million. The transaction is supported by Paradigm, Galaxy Digital, and others, and is expected to be listed on Nasdaq in the second half of the year. The original biopharmaceutical business will be retained as a subsidiary. [TheBlock]