Nasdaq's $888 million merger will rename and launch the HYPE fund strategy.

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On July 14, according to reports, Nasdaq-listed company Sonnet BioTherapeutics agreed to an $888 million merger deal, will be renamed Hyperliquid Strategies, and will launch the HYPE fund strategy.

Nasdaq-listed Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and initiate a capital strategy. According to a press release issued on Monday, Rorschach I LLC is a newly formed company by affiliates of Atlas Merchant Capital LLC, Paradigm Operations LP, and other sponsors.

After the transaction is completed, the new entity will be renamed Hyperliquid Strategies Inc., which is expected to hold 12.6 million HYPE tokens and $305 million in cash, with a total valuation of approximately $888 million. The transaction has strategic investors such as Paradigm, a certain trading platform, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital participating. After the merger is completed, Hyperliquid Strategies will continue to trade on NASDAQ, with a change in stock code, becoming a publicly listed cryptocurrency fund company.

The trading party stated that the cash proceeds will enable Hyperliquid Strategies to increase its holdings of HYPE tokens and create a top-tier HYPE strategic reserve. After the transaction is completed, Bob Diamond, co-founder and CEO of Atlas, will serve as chairman of Hyperliquid Strategies, while another co-founder and CIO of Atlas, David Schamis, will take on the role of CEO.

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MidnightGenesisvip
· 20h ago
The contract export shows that there is significant cash-out pressure. The data will speak for itself.
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LiquidityWhisperervip
· 07-14 11:47
play people for suckers To da moon
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CryptoHistoryClassvip
· 07-14 11:47
*checks chart database* ah yes... getting strong 2017 ICO vibes from this one
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HodlNerdvip
· 07-14 11:46
bullish af on $hype... institutional adoption phase loading
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NFTArchaeologisvip
· 07-14 11:46
Early pioneers of the pure digital asset era
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