Short clarification on the $888 Million Business Combination: > The HYPE tokens will NOT be bought on the open market > It’s a reverse merger, Rorschach injects HYPE + cash into Sonnet to create Hyperliquid Strategies Inc. > There’s no immediate net buying pressure on HYPE (it’s moving assets from private to public hands) But these tokens are effectively taken off the market, reducing circulating supply and increasing scarcity. The backers include Paradigm, Galaxy Digital, Pantera, D1 Capital, Republic Digital and 683 Capital. These firms have top-tier deal flow and deep DD processes. More access = More demand. The new entity will hold 12.6 million HYPE tokens, representing $583 million in value + $305 million cash. TLDR: no net buying pressure but still insanely bullish for Hyperliquid

Matt Huang (Co-Founder Paradigm):