Sonnet Pushes Merger Vote as Support Grows for $1B Hyperliquid Venture

TLDR

• Over 95% of cast votes support the Sonnet merger but approval is not met.

• The merger would form a $1B crypto treasury firm built around HYPE.

• The vote will reconvene on December 2 as the company seeks more turnout.

• HYPE shows stronger market performance with rising demand and momentum.

Sonnet BioTherapeutics has postponed its special shareholder meeting to give more time for investors to vote on a planned merger with Hyperliquid Strategies Inc. and Rorschach I LLC. The transaction would form a new digital asset treasury firm valued at $1 billion and focused on Hyperliquid’s native token, HYPE.

The company said more than 95% of the votes cast so far support the merger. However, the deal still lacks approval from a majority of all outstanding shares, which is required for the business combination to move forward. Sonnet decided to adjourn the meeting so more shareholders could participate in the vote.

The meeting is now scheduled to reconvene at 9:00 a.m. ET on December 2, 2025. The Board of Directors repeated its full backing for the merger and urged all shareholders to review the proposals included in the proxy statement.

Leaders Affirm Support While Nasdaq Approval Adds Momentum

David Schamis, CEO of Hyperliquid Strategies Inc. and Co-Founder of Atlas Merchant Capital, said the delay was expected due to the turnout requirement. He added that the support from those who already voted remains strong. Schamis also said that shares of Hyperliquid Strategies have been approved for listing on Nasdaq, which he described as an important step for the combined company’s future plans.

The proposed merger would create a digital asset treasury firm centered on the accumulation and staking of HYPE. The new company would manage treasury strategies that use the Hyperliquid blockchain, and it aims to build a structure that supports long-term participation in the network.

Sonnet said the combination would allow the company to pursue new opportunities within digital asset markets, and it would shift its business direction to focus on blockchain-based treasury operations.

Market Data Shows HYPE Outperforming Other Major Crypto Assets

Market data shared by Wise Crypto shows HYPE outperforming major crypto assets during recent market sessions. The asset held steady while BTC, ETH, and SOL showed sharper intraday drops. The data shows that HYPE moved higher during the broader pullbacks, which signals firm demand in current conditions.

Charts shared by analysts show that HYPE formed a pattern of higher lows during recent sessions. Each recovery started earlier and moved faster than the broader market. This behavior suggests demand for the asset during uncertain conditions, as traders appeared willing to accumulate during dips.

Source: X

Technical data also shows that HYPE recently moved above a trendline that had held for several days. The price reclaimed the $40 level with steady momentum, and analysts noted an initial area of resistance between $43.00 and $43.50.

Liquidity Maps Point to Activity Near the $42 Area

A liquidity map shared by analyst Jesse Peralta shows a large concentration of orders between $41.50 and $42.20. These clusters tend to draw market activity during trending periods, and HYPE’s recent price action has moved toward this level.

Above the $42 area, Peralta’s map shows thinner liquidity, which could allow the price to move faster toward higher zones between $44 and $45. Analysts said the nearest support rests near $38.80 to $39.20, and the structure favors upward movement while the price holds above that area.

Sonnet will continue its shareholder outreach as it works to secure the votes needed for the proposed merger.

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