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Investing.com -- Sonnet BioTherapeutics has agreed to merge with a new entity formed by Atlas Merchant Capital and other partners to create Hyperliquid Strategies, a public cryptocurrency treasury holding $888 million in HYPE tokens and cash.
The new entity will hold approximately 12.6 million HYPE tokens, valued at $583 million. Additionally, the deal includes $305 million in gross cash proceeds that will be used to acquire more HYPE tokens.
Strategic investors in the transaction include Paradigm, Galaxy Digital (TSX:GLXY), Pantera, and D1 Capital.
Following the completion of the merger, the company, referred to as HSI, is expected to remain listed on the NASDAQ Capital Market but will trade under a new ticker symbol.
Upon closing of the transaction, HSI will transition to become a public cryptocurrency treasury company.
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