Sonnet BioTherapeutics (Nasdaq: SONN), a biotechnology firm, is making a strategic move into the cryptocurrency space. The company is set to invest in Hyperliquid Strategies, Inc. through a merger facilitated by special purpose company (SPV) Rorschach I LLC, as reported by The Block. This transaction positions Hyperliquid Strategies as a subsidiary of the newly formed entity. The deal includes a substantial holding of 12.6 million HYPE tokens and a significant cash reserve of $305 million. The enterprise value of Hyperliquid Strategies is projected to reach approximately $888 million, marking a considerable valuation for this venture. This investment signals a growing trend of traditional finance and biotechnology companies exploring opportunities within the digital asset market. The move could potentially diversify Sonnet BioTherapeutics' portfolio and expose them to the high-growth potential of the crypto industry. ```