Important points
- Sonnet BioTherapeutics shareholders have approved the merger, pivoting the company to a crypto asset strategy focused on the HYPE token.
- The newly combined company, Hyperliquid Strategies Inc (HSI), will have assets of $888 million, making it one of HYPE's largest holders.
Sonnet BioTherapeutics Holdings Inc has received shareholder approval for its proposed business combination with Hyperliquid Strategies Inc and Rorschach I LLC.
The deal paves the way for the launch of the first digital asset treasury focused on HYPE, the native token of decentralized perpetual exchange Hyperliquid.
The merger, first announced in July 2025, will transform Sonet into a publicly traded cryptocurrency-native financial vehicle with total assets of $888 million, including $583 million worth of HYPE tokens and $305 million in cash. The newly formed company will trade under the name Hyperliquid Strategies Inc. and will be listed on the Nasdaq under the ticker HSI.
The vote was finalized at today's special general meeting. The final results will be disclosed in a future Form 8-K filed with the SEC.
Sonnet originally focused on tumor immunotherapy and has developed a proprietary FHAB (fully human albumin binding) platform to enhance biological drug delivery. While the biotechnology division will continue to operate as a subsidiary of HSI, the combined company's strategic focus will shift to managing crypto assets, with a focus on the HYPE token.
The transaction makes HSI one of the largest holders of the digital asset HYPE, which is tied to Hyperliquid's decentralized perpetual platform. As part of the transaction, HSI is also applying to issue $1 billion in common stock, with proceeds intended to expand its crypto holdings or support corporate initiatives.
