Hyperliquid Strategies Inc

Hyperliquid Strategies Inc is a Delaware corporation and U.S. publicly listed digital asset treasury company. Its primary business involves accumulating HYPE, the native token of the Hyperliquid Layer 1 blockchain ecosystem, for its stockholders. The company's main strategic objective is to benefit from the growth of the Hyperliquid ecosystem. This is achieved directly through its ownership of HYPE tokens, by engaging in income-earning activities related to the Hyperliquid ecosystem, or by otherwise promoting the ecosystem's growth. Hyperliquid Strategies Inc was formed on July 2, 2025, as a holding and operating company. Its wholly owned subsidiary, Rorschach I LLC, a Delaware limited liability company, was formed on June 13, 2025. Rorschach I LLC served as the vehicle through which founding investors contributed HYPE tokens and cash to establish the company's initial treasury. On July 11, 2025, Hyperliquid Strategies Inc, along with its subsidiaries Rorschach Merger Sub, LLC and Sonnet Merger Sub Inc., entered into a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc. and Rorschach I LLC. This agreement outlined a series of mergers, including Rorschach Merger Sub merging into Rorschach I LLC, with Rorschach I LLC surviving as a direct wholly owned subsidiary of Hyperliquid Strategies Inc. Immediately following this, Sonnet Merger Sub merged into Sonnet BioTherapeutics Holdings, Inc., with Sonnet BioTherapeutics Holdings, Inc. surviving as a direct wholly owned subsidiary of Hyperliquid Strategies Inc.