Sonnet BioTherapeutics Completes $888 Million Combo Creating Nasdaq Crypto Treasury

Sonnet BioTherapeutics is set to transform into a cryptocurrency treasury company through an $888 million business combination with Rorschach I LLC, creating a new entity named Hyperliquid Strategies Inc (HSI). The new entity will hold approximately 12.6 million HYPE tokens valued at $583 million, along with at least $305 million in cash to further acquire HYPE tokens, positioning HSI as one of the largest HYPE token reserves. Prominent investors involved include Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. Leadership changes will include Bob Diamond as Chairman and David Schamis as CEO, with plans to appoint a new CFO and expand the board with notable members such as former Boston Fed President Eric Rosengren. Sonnet will continue developing its biotech assets as a wholly owned subsidiary of HSI, with current shareholders receiving contingent value rights related to those assets. The combined company will remain listed on the Nasdaq under a new ticker symbol, marking Sonnet's strategic pivot from biopharma to a crypto treasury management focus.