According to Bijiawang, Sonnet BioTherapeutics Inc., a Nasdaq-listed company, has received shareholder approval for its merger with a digital asset library (DAT) entity, Hyperliquid Strategies, Inc. The deal, announced in July, aims to create a publicly traded HYPE DAT with an initial valuation of $888 million, including $305 million in cash and 12.6 million HYPE tokens. In October, Hyperliquid Strategies filed an S-1 with the SEC for an IPO targeting up to $1 billion in funding. Despite strong shareholder support, the final vote was delayed due to insufficient ballots. Hyperliquid, a decentralized perpetual futures exchange, has processed over $1.5 trillion in trading volume since 2023. Strategic investors in the merger include Galaxy Digital, Pantera Capital, and D1 Capital.
Sonnet BioTherapeutics Shareholders Approve Merger with HYPE DAT, Aiming for $1 Billion IPO
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