Sonnet delays vote on Hyperliquid merger to launch $1B HYPE-focused treasury firm
Key Takeaways
- Sonnet BioTherapeutics has adjourned its special meeting to allow more time to secure shareholder votes for its proposed merger with Hyperliquid Strategies and Rorschach I LLC.
- While over 95% of votes cast favor the deal, the company has not yet reached the required majority of all outstanding shares.
Share this article
Sonnet BioTherapeutics has adjourned its special shareholder meeting on the proposed merger to form a $1 billion crypto treasury firm focused on Hyperliquid’s native token, HYPE.
The postponed business combination would merge Sonnet with Hyperliquid Strategies Inc. and Rorschach I LLC, creating a new digital asset treasury company centered on HYPE accumulation and staking.
The decision comes despite over 95% of cast votes backing the merger, as the company still needs to meet the required approval from a majority of all outstanding shares.
The Board of Directors reiterated its unanimous support for the deal, urging shareholders to vote in favor of all proposals outlined in the proxy statement. The meeting will reconvene at 9:00 a.m.（UTC+8） ET on December 2, 2025.
David Schamis, CEO of HSI and Co-Founder of Atlas Merchant Capital, acknowledged the delay but emphasized strong backing among those who have already voted. He also noted that shares of HSI have been approved for listing on Nasdaq and highlighted the long-term potential of the Hyperliquid blockchain.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Paxos' USDG0 Integrates Regulatory Standards with Cross-Chain DeFi Advancements
- Paxos launches USDG0, a cross-chain stablecoin using LayerZero’s OFT standard to expand dollar-backed liquidity across multiple blockchains while maintaining regulatory compliance. - The global stablecoin market hit $300B in October 2025, with trading dominating 88.2% of transactions, showing expanding use cases beyond crypto trading. - USDG0 avoids wrapped tokens, enabling native cross-chain functionality on Ethereum , Solana , and others, preserving compliance and composability. - Regulatory frameworks
Cloudflare Outage Sheds Light on the Inherent Dangers of Relying on Centralized Internet Systems
- Cloudflare's 2025 outage disrupted major platforms like ChatGPT and X due to a large config file. - The incident exposed vulnerabilities in centralized internet infrastructure, causing a 4% stock drop. - Experts warn of systemic risks from over-reliance on few providers, urging diversified infrastructure. - Financial services and crypto platforms faced downtime, highlighting the need for redundancy.
PENGU Token Technical Review: Managing Immediate Market Fluctuations and Blockchain Indicators
- PENGU token faces critical juncture with conflicting technical indicators and accumulating on-chain activity in November 2025. - Short-term bearish signals (RSI 38.7, 12 sell signals) clash with bullish MACD/OBV divergence and whale accumulation ($273K acquired). - On-chain patterns suggest potential breakout above $0.0235 resistance, with $0.026 target if volume supports, but $0.01454 support remains vulnerable. - Risks persist due to unquantified NVT score and bearish pressure from broader indicators,
Bitcoin News Update: Retail Investors Panic While Whales Remain Confident as Bitcoin Hits Lowest Point in Seven Months
- Bitcoin fell to a seven-month low near $89,250, sparking debates over a potential bottom or prolonged correction amid mixed technical and institutional signals. - Analysts highlight a possible 40% rebound by year-end, driven by bullish figures like Michael Saylor and whale accumulation of 345,000 BTC since October. - Retail investors flee as fear metrics hit extremes, contrasting with institutional confidence seen in Czech National Bank's $1M Bitcoin pilot and ETF inflows. - Technical indicators warn of
