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Nasdaq-listed biotech company Sonnet BioTherapeutics has announced a strategic pivot into crypto, unveiling an $888 million entity to launch a Hyperliquid (HYPE) digital asset treasury.
On Monday, Sonnet said it formed a business combination with the newly created Rorschach to launch a treasury strategy focused on the HYPE token, the native crypto token of the fast-growing Hyperliquid ecosystem.
The deal includes transforming Sonnet into Hyperliquid Strategies Inc. (HSI), which is expected to be the largest United States-listed public company…
