Sonnet BioTherapeutics Merges with Rorschach to Form Hyperliquid Strategies in $888M Deal

Sonnet BioTherapeutics, Inc. has agreed to merge with Rorschach I LLC, forming Hyperliquid Strategies in an $888 million deal. The new entity will hold 12.6 million HYPE tokens and $305 million in cash, positioning itself as a major player in the crypto treasury space. The merger includes backing from prominent firms like Paradigm, Galaxy Digital, and Pantera Capital. Post-merger, Hyperliquid Strategies will continue trading on Nasdaq under a new ticker.

🚨 BREAKING: Nasdaq-listed Sonnet BioTherapeutics has agreed to merge in an $888M deal to become Hyperliquid Strategies.

📦 Will hold:
• 12.6M $HYPE
• $305M cash
Backed by Paradigm, Pantera, Galaxy & more — this will be the first public crypto treasury company for Hyperliquid. pic.twitter.com/uvNmx5Pa03

— CryptoPotato Official (@Crypto_Potato) July 14, 2025

Hyperliquid has demonstrated strong growth, with $1.571 trillion in perpetual futures trading volume over 12 months and $310 million in cumulative revenue. Atlas CEO Bob Diamond praised Hyperliquid’s unique position in digital assets, citing its strong fundamentals and institutional demand.

Key Hyperliquid Levels To Watch – July 16

Hyperliquid experienced a strong bullish surge after undergoing a significant retracement. In June, the Williams Percent Range indicator signaled that the asset was in an overbought condition. This preceded a sharp decline that pushed the price even below the previous swing low, suggesting a potential liquidity grab. Shortly after, rejection candles emerged, initiating a brief phase of consolidation.

The consolidation phase proved temporary, as bullish momentum resumed, propelling the price upward in a decisive breakout pattern characterized by the formation of three white soldiers. This strong price action led to the creation of a new swing high at 49.835, marking the current All-Time High.

The merger’s announcement has already fueled a short-term rally in HYPE, which traded at $48.25 at the time of writing, and while the swing high may indicate a brief pause, the broader structure suggests Hyperliquid’s bullish momentum is far from over. The influx of institutional capital, combined with Hyperliquid’s planned treasury acquisitions, could drive sustained demand for HYPE, potentially pushing prices higher, as the overall momentum remains firmly in favor of the bulls.

HYPEUSD Key Levels

Resistance Levels: $49.84, $60.0, $70.0
Support Levels: $41.20, $28.20,$ 21.50

Hyperliquid Metrics

Total Market Capitalization: $3.75T
Hyperliquid Market Capitalization: $16B
Hyperliquid Volume: $340M
Market Rank: #11

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