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Sonnet shareholders approve merger forming Hyperliquid Strategies
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New entity plans to raise up to 1 billion dollars for its HYPE treasury
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Deal includes 12.6 million HYPE tokens plus 305 million dollars in cash
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Vote was delayed due to lack of participation despite overwhelming support
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Comes as digital asset treasuries face market wide valuation declines
Merger Clears Final Shareholder Vote
Sonnet BioTherapeutics shareholders have approved the merger that will transform the company into Hyperliquid Strategies, a publicly listed digital asset treasury centered around the HYPE token. The approval follows months of delays despite over 95 percent support among submitted votes.
The merged entity expects to hold more than 12.6 million HYPE tokens and a large cash balance, with plans to raise up to 1 billion dollars through a future public offering.
Hyperliquid Treasury Push Continues
Hyperliquid is among the most active perpetual futures exchanges, processing more than 1.5 trillion dollars in total trading volume since its launch. The expansion aims to bring that momentum into public markets through a structured digital asset treasury similar to other DATs emerging this year.
DAT Sector Pressured by Market Downturn
Digital asset treasuries have seen their valuations decline as crypto prices weakened. Several firms have launched share repurchase programs to stabilize their stocks. HYPE itself has fallen from 47 dollars at announcement to around 33 dollars today.
