Catenaa, Saturday, December 06, 2025- Nasdaq-listed Sonnet BioTherapeutics has secured shareholder approval for its merger with Rorschach I LLC to create a publicly traded digital asset treasury, Hyperliquid Strategies, valued at nearly $1 billion.
The merger, first announced in July, aims to combine 12.6 million HYPE tokens with $305 million in cash, giving the new entity an estimated total value of $888 million.
Hyperliquid Strategies filed an S-1 statement with the US Securities and Exchange Commission in October to raise up to $1 billion through a public offering.
Despite delays in finalizing the vote, more than 95% of received votes were in favor. The treasury will operate as a HYPE-focused digital asset treasury (DAT), allowing Sonnet to manage crypto holdings and cash under one publicly traded vehicle.
Hyperliquid, a decentralized perpetual futures exchange launched in 2023, has processed over $1.5 trillion in trading volume.
The merger positions Sonnet to leverage the HYPE token ecosystem while creating a high-profile DAT in the public markets.
Strategic investors supporting the merger include Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital.
The market cap of DATs has faced pressure amid broader crypto declines, while other firms like Hong Kong-based Lion Group Holding have launched similar Hyperliquid DAT initiatives. HYPE, which traded near $47 when the merger was announced, currently trades around $33.
The merger marks a major step for publicly traded crypto treasuries, combining token holdings and cash reserves under a regulated structure, and signaling continued institutional interest in digital asset management.
