A Huge Hyperliquid Deal Hits Wall Street

There’s a massive new deal for Hyperliquid in the traditional public markets. And some of the biggest players in digital assets are behind it.

What’s happening:

• Sonnet BioTherapeutics (NASDAQ: SONN) is merging with Rorschach I LLC to focus on accumulating Hyperliquid tokens
  

By the numbers:‍

• The new merger comes with $583M USD of Hyperliquid tokens and $305M USD in cash
  
• Rorschach I LLC will own 98.8% of the new entity following the successful completion of the merger, with Sonnet BioTherapeutics owning the remaining 1.2% of the new company
  

Why it matters:‍

• This is the single largest deal yet in the traditional public markets focused on accumulating Hyperliquid to hold directly as an asset
  

Going deeper:‍

• Some of the most prominent investors in crypto are pouring capital into the new deal, including Galaxy Digital (NASDAQ: GLXY), Pantera Capital and Republic Digital
  

The intrigue:‍

• Publicly traded companies have been rapidly coming after Hyperliquid lately, which has been largely fuelled by Hyperliquid quickly becoming one of the most popular decentralized exchanges in all of crypto

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