TechFlow news, July 14 — According to The Block, publicly traded biotech company Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC, rebranding as Hyperliquid Strategies and launching a HYPE token reserve strategy. The combined entity is expected to hold 12.6 million HYPE tokens and $305 million in cash, with a total valuation reaching $888 million.
The deal includes participation from strategic investors such as Paradigm, Galaxy Digital, and Pantera Capital. The merged company will continue trading on the Nasdaq exchange, becoming a publicly listed cryptocurrency-reserve firm. Upon completion of the transaction, Bob Diamond, co-founder of Atlas, will serve as Chairman of Hyperliquid Strategies.
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