Hyperliquid's HYPE token rose 7.25% to $37.24 over 24 hours while Bitcoin fell 2.07% for the week to $108,848.27. Nasdaq-listed Sonnet BioTherapeutics completed an $888 million reverse merger with Rorschach I LLC on October 22, creating Hyperliquid Strategies Inc. The new entity holds approximately $583 million in HYPE tokens and plans to raise $1 billion through a 160-million-share offering to fund additional token acquisitions.