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BTCC / BTCC Square / Global Cryptocurrency /
Sonnet BioTherapeutics Shifts Focus to Crypto in $888M Merger with Rorschach I LLC

Sonnet BioTherapeutics Shifts Focus to Crypto in $888M Merger with Rorschach I LLC

Author:
Global Cryptocurrency
Published:
2025-07-14 16:17:01
7
3
BTCCSquare news:

Nasdaq-listed biotech firm Sonnet BioTherapeutics will pivot to cryptocurrency treasury management after agreeing to an $888 million merger with Rorschach I LLC, a consortium-backed entity tied to Hyperliquid Strategies Inc. The deal, expected to close in late 2025 pending approvals, values HSI's 12.6 million HYPE tokens at $583 million alongside $305 million in cash reserves.

The merger unites Paradigm, Galaxy Digital, and Pantera Capital among other crypto-native investors. Post-transaction, Sonnet will operate as an HSI subsidiary, maintaining limited biotech operations while deploying capital to accumulate additional HYPE tokens—the native asset of Hyperliquid's Layer-1 blockchain.

|Square

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