The US-listed company Sonnet will merge to establish Hyperliquid Strategies and launch a capital strategy, holding 12.6 million HYPE and 300 million in cash.

BlockBeats news, on July 14, according to The Block, Nasdaq-listed Sonnet BioTherapeutics has agreed to an $888 million merger deal, will be renamed Hyperliquid Strategies, and launch the HYPE fund strategy. The Nasdaq-listed Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and initiate the fund strategy. According to a press release issued on Monday, Rorschach I LLC is a newly formed company by affiliated entities of Atlas Merchant Capital LLC, Paradigm Operations LP, and other sponsors. Upon completion of the transaction, the new entity will be renamed Hyperliquid Strategies, which is expected to hold 12.6 million HYPE Tokens and $305 million in cash, with a total valuation of approximately $888 million. The transaction has strategic investors participating, including Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. After the merger is completed, Hyperliquid Strategies will continue to trade on Nasdaq, with a change in stock code, becoming a publicly listed Crypto Assets fund company.