The shareholder vote on a proposed merger to create Hyperliquid Strategies — a digital asset treasury (DAT) focused on accumulating and holding HYPE tokens, the native asset of the Hyperliquid decentralized perpetuals exchange — has been postponed by two weeks.
The delay, stems from insufficient voter turnout despite strong support from those who have participated. The deal, first revealed in July 2025, involves Nasdaq-listed Sonnet BioTherapeutics merging with Rorschach I LLC an entity tied to Atlas Merchant Capital and Paradigm to form Hyperliquid Strategies Inc.
The new entity would hold approximately 12.6 million HYPE tokens valued at around $583 million, plus $305 million in cash, for a total estimated value of $888 million at announcement. The firm aims to raise up to $1 billion and trade on Nasdaq under a new ticker, providing public market exposure to HYPE.
Over 95% of votes cast so far favor the merger, but it requires more than 50% of all outstanding Sonnet shares to approve. David Schamis, CEO of Hyperliquid Strategies and co-founder of Atlas Merchant Capital, expressed confidence in reaching the threshold by the new deadline of December 2, 2025, and urged shareholders to vote promptly.
This comes amid a cooling DAT trend, where new treasury announcements have slowed. Backers include major players like Paradigm, Galaxy Digital, Pantera Capital, and D1 Capital. Post-merger leadership would feature Bob Diamond (Atlas co-founder) as chairman and Schamis as CEO, with additional board members like former Boston Fed president Eric Rosengren.
A successful close would mark one of the largest publicly traded crypto treasuries centered on a single DEX token, blending traditional finance with DeFi. However, recent HYPE price dips have slightly eroded the deal’s perceived value.
Schamis shared the update on X, noting the frustration but optimism: “Annoyingly we have to delay the shareholder vote for two weeks… We are confident that we will be able to achieve this by the December 2 date.”
In a research note dated November 18, 2025, Standard Chartered’s head of digital asset research, Geoffrey Kendrick, declared that Bitcoin’s recent 30% correction — dropping BTC below $90,000 from its October high above $126,000 — is likely complete.
He views this as the third major pullback since the U.S. spot BTC ETF launch last year, mirroring prior patterns, and anticipates a rebound as the base case. Kendrick points to capitulation signals, including: MicroStrategy’s modified net asset value (mNAV) ratio hitting 1.0 parity between market cap and BTC holdings value, a “zero” level indicating seller exhaustion.
On-chain data showing realized BTC loss margins at -16% below the typical -12% capitulation threshold. Technicals like the RSI at 26 deeply oversold, the lowest since BTC’s $76,000 bottom earlier in the cycle.
A year-end rally remains the baseline scenario, potentially disproving persistent halving-cycle theories. Kendrick previously forecasted $200,000 by end-2025 but declined to reaffirm it amid the dip. He emphasized blockchain adoption trends, predicting all global transactions will eventually settle on-chain.
The sell-off intensified on-chain stress and ETF outflows, with $335 million in BTC derivatives liquidated in a single day. Trading volume doubled, but Kendrick sees these as exhaustion rather than further downside. Analysts note BTC must reclaim $95,000-$100,000 to avoid structural weakness.
Policy shifts or deeper corrections could delay recovery, though seasonal Q4 strength in crypto supports optimism. This bullish take contrasts with recent volatility but aligns with historical post-correction rallies, offering hope for investors eyeing December gains.
