PANews reported on July 14 that according to The Block, on July 15, Nasdaq-listed biotech company Sonnet BioTherapeutics agreed to merge with Rorschach I LLC, changing its name to Hyperliquid Strategies, Inc. and launching the HYPE Treasury Strategy. Rorschach I LLC was newly established by entities associated with Atlas Merchant Capital LLC (an affiliate of Paradigm).

When the transaction is completed, the new entity is expected to hold 12.6 million HYPE tokens, $305 million in cash, and a total valuation of $888 million. The transaction was participated in by strategic investors such as Paradigm. After completion, Hyperliquid Strategies will be listed on the Nasdaq with a new code and become a publicly traded cryptocurrency vault company. Both parties stated that the cash proceeds will enable Hyperliquid Strategies to purchase more HYPE and build one of HYPE's strategic reserves.