Sonnet Launches $1B HYPE Treasury Firm

Sonnet BioTherapeutics Delays Merger Vote for $1B Crypto Treasury Firm

• Sonnet BioTherapeutics has postponed its special meeting to secure more shareholder votes for a merger with Hyperliquid Strategies and Rorschach I LLC.
• The merger aims to create a $1 billion digital asset treasury firm focused on Hyperliquid’s native token, HYPE.
• Over 95% of the votes cast are in favor, but the required majority of all outstanding shares has not been reached.
• The Board of Directors unanimously supports the deal and encourages shareholders to approve all proposals in the proxy statement.
• The meeting is rescheduled for December 2, 2025, at 9:00 a.m. ET.

Despite strong support from voters, Sonnet BioTherapeutics must delay its merger with Hyperliquid Strategies due to insufficient approval from all outstanding shares. The proposed $1 billion crypto treasury firm will focus on accumulating and staking Hyperliquid’s native token, HYPE.