Sonnet BioTherapeutics announced a definitive agreement to transform via a $888 million business combination with Rorschach I LLC, affiliated with Atlas Merchant Capital and Paradigm Operations. The deal will convert Sonnet into Hyperliquid Strategies Inc., a Nasdaq-listed cryptocurrency treasury reserve company holding approximately $583 million in HYPE tokens and $305 million in cash. The company intends to build one of the largest HYPE strategic reserves. Leadership changes include Bob Diamond as Chairman and David Schamis as CEO. The transaction involves prominent crypto investors, signaling a dramatic pivot from immuno-oncology to blockchain asset management.