RT Mike Novogratz (@novogratz)Proud of my friends at Unit and Hype! Impressive work. Full disclosure we are long $HYPE tokens. ...

Core Viewpoint - Lion Group Holding Ltd. has acquired additional SUI tokens, increasing its total investment in HYPE, SOL, and SUI to approximately $9.6 million, which is part of its strategic treasury reserve focused on next-generation Layer-1 blockchain ecosystems [1][2]. Group 1: Treasury Holdings - As of July 23, 2025, Lion Group's treasury holdings include 128,929 Hyperliquid (HYPE) tokens, 6,629 Solana (SOL) tokens, and 1,015,680 Sui (SUI) tokens [6]. - The company is committed to exploring strategic opportunities within the digital asset space and will provide periodic updates on its treasury reserve management [2]. Group 2: Company Overview - Lion Group Holding Ltd. operates a comprehensive trading platform that offers a variety of products and services, including total return swap (TRS) trading, contract-for-difference (CFD) trading, over-the-counter (OTC) stock options trading, and futures and securities brokerage [3].

Sonnet BioTherapeutics Inc. SONN stock surged Monday amid high trading volume following news of a transformative business combination with Rorschach I, backed by Atlas Merchant Capital and Paradigm. The deal will create Hyperliquid Strategies Inc., a public cryptocurrency treasury company holding around 12.6 million HYPE tokens—worth $583 million—plus $305 million in cash, for a total assumed value of $888 million. The new entity will remain Nasdaq-listed under a new ticker and be led by Bob Diamond (Chairm ...

Core Viewpoint - Sonnet BioTherapeutics is pivoting into the cryptocurrency sector through a significant business combination valued at $888 million, leading to a substantial increase in its stock price [1][2]. Group 1: Business Combination Details - Sonnet has entered into an agreement with Rorschach I LLC to form Hyperliquid Strategies Inc. (HSI), which will focus on cryptocurrency treasury operations [2]. - The transaction includes HSI holding approximately 12.6 million HYPE tokens valued at around $583 million and at least $305 million in cash at closing [3]. - The total valuation of the transaction is $888 million [3]. Group 2: Market Reaction - Following the announcement, Sonnet's stock price surged by 265%, reaching a pre-market high of $18.68, up from a closing price of $5.17 [1]. - Year-to-date, SONN shares have gained over 220% [1]. Group 3: Investor Participation - The transaction has attracted notable participation from prominent crypto investors, including Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital [4]. Group 4: Leadership Structure - HSI's leadership will include Bob Diamond as Chairman of the Board and David Schamis as CEO, with additional board members including Eric Rosengren, former President of the Boston Federal Reserve [5]. Group 5: Future Plans - HSI plans to utilize its capital to acquire more HYPE tokens, aiming to become one of the largest strategic holders of the asset [6]. - The transaction is expected to close in the coming months, pending regulatory and shareholder approvals [6].