M&A

• Biotech firm Sonnet BioTherapeuticsundergoes an $888M reverse merger with private entity Rorschach I LLC to create Hyperliquid Strategies Inc. Decrypt 

  
  

• Crypto infrastructure firm Fireblocks purchases crypto authentication startup Dynamic The Block

  
  

• Aave Labs, a decentralized crypto lending protocol, purchases Stable Finance, the team behind a savings app The Block

  
  

• Crypto social platform Farcaster acquires Clanker AI token bot Bankless

  
  

• Ripple completes its purchase of prime broker Hidden Road, rebrands as Ripple Prime CoinDeck 

  
  

• Memecoin launchpad Pump.fun acquires Padre trading terminal to strengthen token liquidity CoinTelegraph

  
  

• Ark Invest buys $21M worth of Robinhood shares The Block