Sonnet BioTherapeutics Shares Climb After Plan to Transfer Into Public Crypto Treasury Co.

By Natalie WegerSonnet BioTherapeutics shares climbed after the oncology-focused biotechnology company said it entered into an agreement to become a public cryptocurrency treasury company.Shares more than doubled to $13.50 on Monday. Shares were up 78.5% over the past year.Sonnet BioTherapeutics, which entered the business combination agreement with Rorschach and other sponsors, said it plans to build a reserve of HYPE, the token of the Hyperliquid Layer-1 blockchain.Sonnet BioTherapeutics will transform into a new entity called HyperLiquid Strategies at the agreement's close. The new company is expected to hold 12.6 million HYPE tokens and gross cash invested of at least $305 million, for a total assumed closing value of $888 million.The company will name David Schamis, chief investment officer and co-founder of Atlas Merchant Capital, as chief executive of HyperLiquid Strategies.Write to Natalie Weger at [email protected]