In brief
- Sonnet BioTherapeutics is merging with Rorschach I LLC to create Hyperliquid Strategies Inc.
- HYPE rose nearly 7% as the broader crypto market traded lower.
- The merger signals institutional confidence and long-term demand for HYPE, Decrypt was told.
Decentralized exchange Hyperliquid’s HYPE token is bucking the broader market trend, soaring while the rest of the crypto market is caught in Bitcoin’s dragnet.
Hyperliquid is up nearly 7% over 24 hours while competitor BNB Chain’s Aster is down 7.6%, per CoinGecko data.
HYPE’s out-of-pocket performance comes as a landmark corporate pivot is set to funnel significant capital into the Hyperliquid ecosystem, via a HYPE digital asset treasury.
The Nasdaq-listed biotech firm Sonnet BioTherapeutics is undergoing an $888 million reverse merger with private entity Rorschach I LLC to create Hyperliquid Strategies Inc. (HSI), according to an October 22 filing.
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Author: Akash Girimath
