Sonnet BioTherapeutics agrees to $888 million crypto treasury deal
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Sonnet BioTherapeutics, Inc. Announces $888 Million Business Combination to Launch a HYPE Cryptocurrency Treasury Reserve Strategy
July 14, 2025 6:00 AM EDTCombined company expected to become largest U.S.-based publicly listed company to hold HYPE in its treasury
PRINCETON, N.J., July 14, 2025 (GLOBE NEWSWIRE) -- Sonnet BioTherapeutics, Inc., (NASDAQ: SONN) (Sonnet or the Company) today announced that it has entered into a definitive agreement (the Business Combination Agreement, or the BCA) for a business combination (the Business Combination) with Rorschach I LLC (Rorschach), a newly-formed entity formed by an entity affiliated with Atlas Merchant Capital LLC (Atlas), an affiliate of Paradigm Operations LP (Paradigm), and additional sponsors (all together, the Sponsors), to transform its business by... More
