Today at 3pm CET, an important event will take place for Hyperliquid and for $HYPE.

Sonnet BioTherapeutics is holding a new shareholder vote on the merger with Hyperliquid Strategies and Rorschach I LLC.

The first vote in mid-November saw 95% approval but failed due to lack of quorum.

The two-week delay suggests the team used this time to secure the necessary participation. In our view, the probability of approval is materially higher this time.

If the vote passes, the implications for HYPE are significant:
◽️ 2.6M HYPE will be contributed to the DAT and locked.
◽️ At least $265M will be used to purchase HYPE following the closing of the transaction.

For context, Hyperliquid’s buybacks currently average around $2.5M per day in November. Injecting $265M of additional structural demand would represent a major shift in scale.

The current debate is whether these purchases could occur OTC, especially after recent contributor unlocks.

However, buying directly on the open market would mechanically increase the value of the tokens being committed to the DAT and support PURR’s future trading price.

Which would in turn improve their ATM issuance capacity. Incentives are not straightforward.

Two scenarios matter in the short term:
◽️ If approved: structural buy pressure and likely positive price reaction.
◽️ If it fails again: a meaningful drawdown is possible.

We’ll know at 3pm CET. Hyperliquid.