Sonnet BioTherapeutics Holdings, Inc. (SONN) Stock: Shareholders Approve Hyperliquid Merger, Setting Stage for $1B HYPE Treasury

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Subtitle:

SONN’s $1B HYPE merger signals a bold move from biotech to blockchain innovation.

TLDR

• SONN merges with Hyperliquid to launch a $1B HYPE digital asset treasury.
• Shareholders greenlight SONN’s pivot into blockchain-powered finance.
• SONN eyes liquidity boost via HYPE tokens and crypto diversification.
• The merger marks SONN’s evolution into a hybrid biotech-fintech model.
• SONN bets on blockchain to reshape its capital strategy and market reach.

Sonnet BioTherapeutics Holdings (SONN) stock plunged sharply by over 53%, dropping from around $3.10 to about $1.44 within the trading day.

Sonnet BioTherapeutics Holdings, Inc., SONN

SONN has confirmed shareholder approval for its merger with Hyperliquid Strategies Inc. and Rorschach I LLC. The approval allows SONN to move forward with forming a $1 billion HYPE treasury company aimed at expanding its digital asset portfolio. The company’s stock gained renewed momentum after the decisive vote ended a previous delay caused by quorum issues.

Hyperliquid Merger Gains Approval

SONN finalized the shareholder vote, granting full authorization for the proposed merger with Hyperliquid Strategies and Rorschach I LLC. This move positions the company to integrate blockchain-related assets into its strategic operations through the newly created HYPE treasury. The merger marks a significant step in aligning SONN’s focus with innovative financial technologies.

The company announced that final voting results will appear in an upcoming Form 8-K filing with the U.S. Securities and Exchange Commission. The filing will confirm the details of the merger vote and provide regulatory transparency. SONN aims to complete the transaction as soon as regulatory and procedural steps are finalized.

SONN emphasized that this combination strengthens its balance sheet and supports its digital asset diversification plan. The company expects the HYPE treasury to become a key liquidity driver in the emerging crypto finance space. The merger also underlines SONN’s effort to evolve its corporate structure for broader capital access.

HYPE Treasury and $1B Fundraising Plan

Hyperliquid Strategies has already filed with the SEC to raise to $1 billion for the HYPE treasury. This fund will be dedicated to acquiring HYPE tokens and establishing long-term market stability. The planned purchase includes up to 2.6 million tokens, valued at approximately $265 million initially.

The infusion of structured demand could notably influence market conditions for HYPE. Hyperliquid’s daily buyback average stands near $2.5 million, and the new allocation represents a major expansion. The initiative could stabilize recent token unlock effects while driving liquidity for ongoing development programs.

The structure of the HYPE treasury is expected to enhance SONN’s capital-raising capability through asset-backed mechanisms. Market analysts project that token accumulation may strengthen the firm’s financial base. The effort aligns with broader moves by public firms to integrate blockchain-linked assets into their corporate ecosystems.

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