Key Takeaways
- Sonnet BioTherapeutics shareholders have approved a merger, pivoting the company to a crypto treasury strategy focused on the HYPE token.
- The newly combined entity, Hyperliquid Strategies Inc (HSI), will hold $888 million in assets and become one of the largest holders of HYPE.
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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 Sonnet into a publicly traded crypto-native treasury vehicle holding $888 million in combined assets, including $583 million worth of HYPE tokens and $305 million in cash. The newly formed entity will trade under the Hyperliquid Strategies Inc name and is expected to list on Nasdaq under the ticker HSI.
The vote was finalized at a special shareholders meeting today. Final results will be disclosed in an upcoming Form 8-K filed with the SEC.
Originally focused on immuno-oncology therapeutics, Sonnet developed a proprietary FHAB (Fully Human Albumin Binding) platform to enhance biologic drug delivery. The biotech unit will continue operating as a subsidiary of HSI, but the strategic focus of the combined company will shift to managing a crypto treasury centered on the HYPE token.
The transaction positions HSI as one of the largest holders of HYPE, a digital asset tied to Hyperliquid’s decentralized perpetuals platform. As part of the deal, HSI has also filed for a $1.0 billion common stock offering, with proceeds intended to expand its crypto holdings or support corporate initiatives.
