[Sonnet Postpones Merger Vote to December 2] U.S. publicly traded company Sonnet Biotherapeutics has postponed its merger vote to December 2. Previously, on July 14, Sonnet Biotherapeutics agreed to a merger deal valued at $888 million. After the merger, the company will be renamed Hyperliquid Strategies and will launch the HYPE treasury strategy. The merger target is Rorschach I LLC, a newly established entity sponsored by Atlas Merchant Capital LLC, Paradigm Operations LP, and other affiliated entities and sponsors. Upon completion of the transaction, Hyperliquid Strategies is expected to hold 12.6 million HYPE tokens and $305 million in cash, with a total valuation of approximately $888 million. The company will continue to trade on Nasdaq, with its stock code changing to reflect its status as a publicly listed cryptocurrency treasury company.

[Obex Completes $37 Million Financing, Focuses on RWA-Collateralized Stablecoin Incubation] Crypto incubator Obex announced the completion of $37 million in financing, led by Framework Ventures, LayerZero, and the Sky ecosystem. Obex aims to incubate and fund yield-generating stablecoin projects, focusing on stablecoin strategies collateralized by high-quality real-world assets (RWA) and adopting institutional-grade risk control standards. Obex will act as the capital allocator for the Sky ecosystem, which has authorized the deployment of up to $2.5 billion USDS to qualified projects incubated by Obex. Framework Ventures co-founder Vance Spencer stated that Obex will offer a 12-week incubation program, providing early-stage teams with capital, technical resources, and access to Sky infrastructure.

Standard Chartered’s Geoffrey Kendrick says bitcoin’s steep decline is part of a recurring pattern, with a rebound into year-end in his base case.

Revolut customers in the UK and non-European Union EEA countries can do crypto remittances in USDC, USDT, and POL.

[U.S. stocks fall, Nasdaq drops by 2%] U.S. stocks continue to decline, with the Nasdaq's losses expanding to 2%, while the Dow Jones and S&P 500 indices both drop by more than 1.4%.