Sonnet Surges to 147th in Daily Rankings with $629 Million Turnover

On July 14, 2025, Sonnet (SONN) experienced a significant surge in trading volume, with a turnover of $629 million, marking an 18498.68% increase from the previous day. This substantial rise in trading volume placed Sonnet at the 147th position in the daily stock market rankings. The stock price of Sonnet soared by 86.46%.

Sonnet BioTherapeutics, Inc. has announced a transformative $888 million business combination with Rorschach I LLC to create Hyperliquid Strategies, Inc. This strategic move involves a significant pivot in Sonnet's business strategy, transitioning from a clinical-stage, oncology-focused biotechnology company to a cryptocurrency treasury focused on HYPE tokens.

Under the terms of the agreement, Sonnet will raise $5.5 million through a private placement targeting accredited investors, with a closing expected on July 14, 2025. Additionally, $2 million of convertible notes issued in June 2025 will convert into shares of convertible preferred stock and warrants. After the merger, Sonnet will become a wholly owned subsidiary of Hyperliquid Strategies, maintaining its biotech development efforts including its asset SON-1010. Current Sonnet shareholders will also receive a contingent value right (CVR) related to these biotech assets.

The transaction is anticipated to close in the second half of 2025, pending approval from Sonnet’s shareholders and other customary closing conditions. This strategic shift is expected to deliver strong value to shareholders, leveraging the differentiated offering of HYPE and the Hyperliquid protocol within the digital asset space.