Biotech firm Sonnet is merging with Rorschach to form Hyperliquid Strategies, which aims to become HYPE token’s largest United States-listed holder.
Nasdaq-listed biotech company Sonnet BioTherapeutics announced a strategic pivot into crypto, unveiling an $888 million entity to launch a Hyperliquid (HYPE) digital asset treasury.
On Monday, Sonnet said it formed a business combination with the newly created Rorschach to launch a treasury strategy focused on the HYPE token, the native crypto token of the fast-growing Hyperliquid ecosystem.
The deal includes transforming Sonnet into Hyperliquid Strategies Inc. (HSI), which is expected to be the largest United States-listed public company holding the HYPE token on its balance sheet. The company aimed to hold 12.6 million HYPE tokens, worth about $583 million when the agreement was made.
