Biotech company Sonnet BioTherapeutics announced that its shareholders have approved a merger with Rorschach LLC to launch the first major Hyperliquid digital asset treasury (DAT).

The vote was passed on Dec. 2, nearly five months after the company agreed to combine with Rorschach to form Hyperliquid Strategies, which aims to hold $583 million worth of HYPE tokens and at least $305 million in cash, for an anticipated total value of $888 million.

HYPE is up 8% today, driven by the overall market’s bounce, and anticipated inflows into the token from Hyperliquid Strategies.

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