Crypto Treasury Launches Post Hyperliquid Merger

Sonnet BioTherapeutics Merges with Hyperliquid to Form Crypto Treasury

• Sonnet BioTherapeutics shareholders have approved a merger with Hyperliquid Strategies Inc and Rorschach I LLC.
• The newly formed entity, Hyperliquid Strategies Inc (HSI), will hold $888 million in assets.
• HSI will become one of the largest holders of the HYPE token, valued at $583 million.
• The company plans to list on Nasdaq under the ticker HSI.
• A $1.0 billion common stock offering has been filed to expand crypto holdings or support initiatives.

Sonnet BioTherapeutics has merged with Hyperliquid Strategies Inc to create a publicly traded crypto treasury vehicle, holding significant assets including $583 million in HYPE tokens. The new entity, trading as HSI on Nasdaq, positions itself as a major player in the digital asset space.