Biotechnology company Sonnet BioTherapeutics announced that shareholders have approved its merger with Rorschach LLC to launch the first major Hyperliquid Digital Asset Treasury (DAT).
The vote was passed on Dec. 2, nearly five months after the company agreed to merge with Rorschach to form HyperLiquid Strategies. The company aims to hold $583 million worth of HYPE tokens and at least $305 million worth of cash, with a total expected to be $888 million.
HYPE is up 8% today, driven by a market-wide rally and expected inflows into the token from Hyperliquid Strategies.
HYPE Chart – CoinGecko
This news comes days after the first major Hyperliquid token unlock took place on November 29th, with 1.75 million HYPE tokens worth $57 million distributed to team addresses. Nothing has been sold on the open market yet, and some HYPE has been re-staked.
The inflows from HyperLiquid Strategies, along with the share buybacks currently supported by transaction fees totaling more than $1.25 billion annually and project fees from ecosystem protocols such as its tokenization layer, HyperUnit, are likely to drive continued demand for HYPE.
