Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) completed a business combination with Hyperliquid Strategies Inc. (NASDAQ: PURR) on December 2, 2025, making Sonnet a wholly‑owned subsidiary of the newly formed cryptocurrency treasury company. The deal was structured on a five‑for‑one exchange ratio, giving Hyperliquid approximately 12.6 million HYPE tokens valued at about $583 million and $305 million in cash, for a total closing value of roughly $888 million. Hyperliquid’s common stock will begin trading under the ticker “PURR” on the Nasdaq Capital Market.
Sonnet had been in a precarious financial position, reporting 2024 revenue of $18,626 and a loss of $7.44 million, with equity of $662,262 as of March 31, 2025—well below Nasdaq’s minimum stockholders’ equity requirement of $2.5 million. The merger provides a lifeline and a strategic pivot, allowing Sonnet to access substantial capital and shift from a clinical‑stage biotech to a digital‑asset treasury model that can support its oncology pipeline and broader growth objectives.
HYPE is the native token of Hyperliquid, a Layer 1 blockchain that powers a decentralized finance platform focused on perpetual futures trading. Hyperliquid plans to raise up to $1 billion to accumulate additional HYPE tokens, creating a large treasury that offers U.S. equity investors exposure to the token and positions the company to benefit from the growing digital‑asset market.
Bob Diamond, former CEO of Barclays, said, “We are thrilled to have completed this business combination, allowing US equity investors to gain exposure to the HYPE token through our digital asset treasury strategy with a large, highly liquid listing.” David Schamis will serve as CEO of the combined entity, underscoring the leadership’s commitment to the new strategic direction.
The announcement has been met with positive sentiment among investors in the HYPE token market, reflecting confidence in the new treasury strategy and the potential for increased demand for the token.
The combination transforms Sonnet from a clinical‑stage biotech into a crypto‑focused treasury, potentially unlocking new capital sources and diversifying revenue streams. It also signals a broader trend of traditional companies exploring digital assets for treasury management, highlighting the evolving intersection of biotechnology and blockchain technology.
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