According to Foresight News, Nasdaq-listed Sonnet BioTherapeutics has reached a business merger agreement with Rorschach I LLC, valued at approximately $888 million, to jointly create Hyperliquid Strategies Inc (HSI), which will become the largest publicly traded company holding HYPE in the United States. The transaction includes approximately $583 million worth of HYPE tokens (a total of 12.6 million tokens) and $305 million in cash.
Notably, strategic investors participating in this transaction include Paradigm, Galaxy Digital, Pantera Capital, among others. After the merger, Bob Diamond will serve as the chairman of HSI, and David Schamis will be the CEO. The transaction also includes a private placement of $5.5 million and the conversion of $2 million in convertible notes. Existing Rorschach shareholders and new investors will hold approximately 98.8% of HSI's shares, while SONN's legacy shareholders will retain 1.2% of the shares. The transaction is expected to be completed in the second half of 2025.
