Sonnet BioTherapeutics has announced a merger with Rorschach I LLC, resulting in the formation of Hyperliquid Strategies, which will launch a HYPE treasury strategy. The deal, valued at $888 million, will include the issuance of 12.6 million HYPE tokens and $305 million in cash, with participation from several strategic investors.

Avalanche Treasury Co. has entered a merger agreement with Mountain Lake Acquisition Corp. valued at over $675 million, aiming to create a public vehicle for AVAX exposure. The deal includes $460 million in treasury assets and a $200 million discounted AVAX purchase allocation, with plans to grow its digital asset treasury to exceed $1 billion.