Sonnet Biotherapeutics shares surge 59.85% intraday after announcing an $888 million business combination to launch a HYPE cryptocurrency treasury reserve strategy.

Sonnet Biotherapeutics Holdings, Inc. surged 59.85% intraday, with the company announcing a $888 million business combination with Rorschach I LLC to transform its business by building a reserve of HYPE, the token of the Hyperliquid Layer-1 blockchain. The newly-created entity, Hyperliquid Strategies Inc, is expected to hold approximately 12.6 million HYPE tokens, representing $583 million in value.