rewrite this title and make it good for SEO Sonnet BioTherapeutics Agrees $888M Merger as It Launches Strategic HYPE Treasury – NFTgators

Quick take:

The merger resulted in the formation of a new entity called Hyperliquid Strategies, which will focus on establishing a digital asset treasury centred on the HYPE token.

The new entity will hold 12.6 million HYPE tokens (approximately $583 million in value) plus an additional $305 million in gross cash invested.

Atlas Merchant Capital is an affiliate of Paradigm, an investment management firm focused on digital assets.

Sonnet Biotherapeutics Holdings, Inc. (NASDAQ: SONN) has announced a merger with Rorschach, a newly formed entity established by an entity affiliated with Atlas Merchant Capital LLC, an affiliate of popular crypto venture firm Paradigm.

The new entity, called Hyperliquid Strategies, Inc., will remain listed on NASDAQ under the symbol (NASDAQ: HSI), and will focus on establishing a digital asset treasury centred on the HYPE token, the native token of the Hyperliquid blockchain.

According to a press release seen by NFTgators, Hyperliquid Strategies will hold 12.6 million HYPE tokens (approximately $583 million in value) plus an additional $305 million in gross cash invested, for a total value of $888 million.

The transaction was backed by prominent investors and crypto VCs, including Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. Hyperliquid Treasuries plans to acquire more HYPE, creating one of the biggest strategic crypto resreves fo the HYPE token.

Upon closing of the transactions, Hyperliquid Strategies plans to name Bob Diamond, Co-founder and CEO of Atlas, as Chairman of the Board, while David Schamis, CIO and Co-founder of Atlas, will become the CEO of HSI.

Commenting on the announcement, Bob Diamond said: “We believe HYPE and the Hyperliquid protocol represent a truly differentiated offering within the digital asset space. We believe Hyperliquid Strategies will be well placed to maximise these opportunities because of our unique team of investors and operators with deep, relevant crypto and financial services experience.”

Matt Huang, Co-founder of Paradigm, added: “Hyperliquid has broken out as a crypto project with real fundamentals: strong core contributors, exacting product quality, and meteoric growth. We hear lots of institutional demand for exposure to Hyperliquid, yet the native token HYPE is difficult to access in the United States.”

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