Sonnet BioTherapeutics has decided to postpone its special shareholder meeting to December 2, 2025, in order to boost participation in the vote regarding its merger with Hyperliquid Strategies Inc. and Rorschach I LLC. This merger aims to establish a digital asset treasury firm valued at $1 billion, primarily centered around Hyperliquid”s native token, HYPE.
As of now, more than 95% of the votes cast support the merger. However, the proposal still requires approval from a majority of all outstanding shares to proceed. The company emphasized the importance of increasing shareholder turnout, prompting the adjournment.
David Schamis, CEO of Hyperliquid Strategies Inc., acknowledged that the delay was anticipated due to the turnout requirement. He expressed confidence in the strong backing from shareholders who have already voted. Additionally, he highlighted that shares of Hyperliquid Strategies have received approval for listing on Nasdaq, which he considers a significant advancement for the future of the combined entity.
The merger is expected to focus on the accumulation and staking of HYPE, creating a firm that will manage treasury strategies utilizing the Hyperliquid blockchain. This strategic direction aims to capitalize on emerging opportunities within the digital asset markets and transition Sonnet”s operations toward blockchain-based treasury management.
Recent market activity indicates that HYPE is outperforming several major cryptocurrencies. Data from Wise Crypto reveals that HYPE exhibited resilience, maintaining stability while leading cryptocurrencies such as BTC, ETH, and SOL experienced notable declines. Analysts have observed a pattern of higher lows for HYPE in recent sessions, suggesting a robust demand even amid market volatility.
Technical analysis indicates that HYPE has recently surpassed a critical trendline, reclaiming the $40 mark with consistent momentum. Resistance levels are identified between $43.00 and $43.50, while liquidity maps indicate a significant concentration of orders in the $41.50 to $42.20 range. A move above the $42 area could accelerate price increases toward higher targets between $44 and $45, with nearest support found around $38.80 to $39.20.
As Sonnet continues its outreach efforts to secure necessary votes for the merger, the market”s response and HYPE”s performance will be crucial in determining the future of this ambitious venture.
