Nasdaq-listed Sonnet shareholders have approved a merger with Hyperliquid Strategies Inc. and Rorschach I LLC. This approved merger will create a publicly traded digital asset treasury focused on the HYPE token, with a potential valuation of $1 billion. The deal, which had been delayed, will transform Sonnet BioTherapeutics into Hyperliquid Strategies Inc., a company that will manage a crypto treasury holding significant assets, including HYPE tokens and cash. This strategic shift marks a move from Sonnet's previous focus on immuno-oncology therapeutics to a Web3 and tokenized asset strategy. The combined entity is expected to hold approximately $888 million in assets, comprising $583 million in HYPE tokens and $305 million in cash. Additionally, Hyperliquid Strategies has filed for a $1 billion common stock offering to further expand its crypto holdings. The merger has been approved by Nasdaq and is expected to result in the new company's securities trading under a new ticker.

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