Hyperliquid’s $1B DAT Merger Vote Delayed Two Weeks Due to Low Turnout
What Caused the Delay in the HYPE Digital Asset Treasury Merger Vote?
A crucial shareholder vote needed to form Hyperliquid Strategies — a new digital asset treasury (DAT) designed to accumulate and hold HYPE tokens — has been delayed by two weeks. The vote is required to finalize the merger between Nasdaq-listed Sonnet BioTherapeutics and Rorschach I LLC, a vehicle affiliated with Atlas Merchant Capital and Paradigm Operations.
David Schamis of Hyperliquid Strategies announced the delay on Tuesday, posting that the firm still needs more than 50 percent of outstanding Sonnet shares to vote in favor before the deal can close. While over 95 percent of received votes support the merger, total voter participation remains too low to meet regulatory requirements.
The delay pushes the expected closing to at least December 2, assuming enough remaining shareholders cast ballots in time. Schamis said the team remains confident the additional votes will be secured.
Why Does a DAT Matter and What Is Hyperliquid Trying to Build?
Hyperliquid Strategies aims to become one of the largest token-accumulation treasuries in the market, focused specifically on HYPE, the native token of the Hyperliquid perpetuals platform. As part of the merger, the new DAT would acquire existing HYPE holdings from participating investors and pair them with more than 305 million dollars in cash.
When first announced in July, the combined assets valued the transaction at approximately 888 million dollars. In a later filing with the , Hyperliquid Strategies disclosed plans to raise up to 1 billion dollars through share sales later than the merger’s completion.
Rorschach I LLC — the acquisition vehicle — was established by an entity connected to Atlas Merchant Capital, an affiliate of Paradigm, one of Hyperliquid’s most prominent venture backers. If completed, the merger would create a publicly traded entity whose primary purpose is to hold and accumulate HYPE.
Investor Takeaway
Why Are DAT Markets Cooling and How Does This Delay Fit In?
saw rapid growth earlier this year as crypto firms and investment vehicles used them to raise capital, purchase tokens and provide structured exposure to on-chain ecosystems. But the broader cooldown in the crypto market has weighed on DAT valuations and sluggished new launches.
Several existing treasuries have viewn cumulative and have turned to share repurchase programs to support their stocks. The sluggishdown appears driven by:
- Lower token prices reducing perceived treasury value
- fragileer retail flows compared to mid-year peaks
- Macro uncertainty affecting speculative equity structures
- Voter fatigue from repeated shareholder ballots at small-cap firms
Against this backdrop, a delayed vote — even if procedural — lands in a cautious market. Still, the strong preliminary support suggests that most Sonnet voters who have participated want the merger to proceed; the issue is turnout, not sentiment.
What Happens Next and What Should Investors Watch?
Hyperliquid Strategies and its backers now face a two-week window to secure enough votes to finalize the merger. If successful, the new company would:
- hold HYPE tokens and accumulate more over time
- use up to 1 billion dollars in planned capital raising to scale its treasury
- become a publicly traded vehicle providing indirect HYPE exposure through equity markets
- tie a decentralized platform token to a regulated stock via a DAT structure
This model draws inspiration from earlier crypto treasury vehicles, but differs because it is centered on a single perpetual-platform ecosystem rather than a broad basket of digital assets.
The core risks for investors include crypto-equity volatility, dependence on HYPE’s liquidity, regulatory review of DAT structures and potential delays if shareholder participation remains insufficient.
Still, Hyperliquid remains one of the most active decentralized perpetuals platforms globally. If the merger proceeds, the resulting treasury could become one of the more visible institutional HYPE holders, influencing both .
Investor Takeaway
