Sonnet BioTherapeutics Announces $888M Combination With Rorschach For HYPE Treasury

Sonnet BioTherapeutics Announces $888M Combination With Rorschach For HYPE Treasury

Sonnet BioTherapeutics (NASDAQ: SONN) announced a transformative $888 million business combination with Rorschach I LLC to form Hyperliquid Strategies Inc. (HSI), pivoting from biotech to a cryptocurrency treasury strategy focused on HYPE tokens. The new entity will hold 12.6 million HYPE tokens (valued at ~$583 million) and $305 million in cash, aiming to be the […] The post Sonnet BioTherapeutics Announces $888M Combination With Rorschach For …

Biotech Firm Sonnet Pivots to Crypto Treasury Strategy in $888M HYPE Token Deal

Sonnet BioTherapeutics (Nasdaq: SONN), an oncology-focused biotech company, announced Monday it will effectively abandon its core business model to become a cryptocurrency treasury company through an $888 million business combination centered on accumulating HYPE tokens from the Hyperliquid blockchain.The dramatic pivot sees the Princeton-based company merging with Rorschach I LLC, a newly-formed entity backed by prominent crypto investors inclu…