1/ $SONN jumps 227% on $888M HYPE treasury merger @SonnetBio pivots from biotech to crypto treasury, forming Hyperliquid Strategies Inc. The new entity holds 12.6M $HYPE tokens ($583M) and $305M in cash, backed by @paradigm, @galaxyhq, and @PanteraCapital.

2/ Legacy $SONN shareholders retain just 1.2% ownership post-merger. $HYPE has gained 625% over the past year to $47.26, making HSI the largest US public company holding $HYPE in treasury. Full breakdown on Chaos AI: