TLDR
- HSI merges with Sonnet, marking a bold leap into digital finance.
- Nasdaq welcomes “PURR” as HSI redefines treasury with blockchain tech.
- Sonnet shifts from biotech to blockchain under HSI’s digital vision.
- HSI’s new leadership drives innovation at the edge of crypto and equity.
- The Hyperliquid era begins — merging Wall Street with Web3 finance.
Hyperliquid Strategies Inc (HSI) completed its business combination with Sonnet BioTherapeutics Holdings, Inc. and Rorschach I LLC. The deal, approved on December 2, 2025, marks the beginning of HSI’s operations as a digital asset treasury reserve company. Consequently, Sonnet will now function as a wholly owned subsidiary of HSI.
HSI’s common stock will trade on the Nasdaq Capital Market under the ticker symbol “PURR.” The trading is scheduled to begin on December 3, 2025, while Sonnet’s stock will cease trading. Additionally, all shares received by Sonnet shareholders and Rorschach members were adjusted under a five-for-one exchange ratio.
The transaction also established a new leadership structure for HSI. David Schamis will serve as Chief Executive Officer, supported by a board that includes Bob Diamond, Jeff Tuder, Eric Rosengren, Thomas King, Larry Leibowitz, Nailesh Bhatt, and Albert Dyrness. The structure aims to enhance corporate governance and align with HSI’s digital asset strategy.
Strategic Direction and Market Focus
The newly formed entity will focus on operating as a digital asset treasury reserve under the HYPE brand. This structure enables access to blockchain-based revenue opportunities within the Hyperliquid ecosystem. Moreover, the company aims to connect traditional equity markets with digital finance solutions.
HSI plans to leverage Hyperliquid’s decentralized exchange platform, which manages billions in daily trading volume across perpetual futures and spot markets. Its operational model is designed to integrate blockchain scalability and transparency into mainstream financial systems. The merger offers a pathway for regulated exposure to digital assets through public equity.
The transaction signifies a strategic shift for Sonnet, moving from biotechnology to digital finance. This transition underscores the growing convergence of traditional capital markets and blockchain technology. In turn, HSI will focus on expanding digital asset management and decentralized trading innovations.
Advisors and Transaction Support
Several firms contributed to the transaction’s successful completion. Chardan served as the sole placement agent and exclusive financial advisor to Rorschach, guiding the financial structuring. Additionally, Greenberg Traurig, LLP provided legal counsel to HSI, while Lowenstein Sandler LLP advised Sonnet.
Lucid Capital Markets, LLC supported Sonnet’s board by delivering a fairness opinion to validate transaction terms. The involvement of leading advisors ensured compliance and transparency throughout the process. The merger was structured to meet regulatory standards and align with Nasdaq listing requirements.
The merger positions HSI as a key participant in the intersection of digital assets and public markets. Its Nasdaq debut under the ticker “PURR” marks the official entry into the Hyperliquid era, connecting blockchain innovation with global equity markets.
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