Welcome back to Squawkbox. New this morning, Bob Diamond, former CEO of Barkclay, is diving into the growing trend of investors buying companies to turn them into crypto assets. Diamond's Atlas Merchant Capital combining with Sonnet Biootherrapeutics to form Hyperlquid Strategies.Uh it's a little complicated, but the focus is on building a large reserve of what is called Hype tokens, which is a key to the Hyperlquid blockchain. We're going to have him explain this in just a moment. Bob Diamond, co-founder a ...

Shares of Sonnet BioTherapeutics (NASDAQ: SONN) soared in pre-market trading on Monday after the company announced a $888 million business combination to pivot into the cryptocurrency sector.Sonnet’s stock, which closed at $5.17 on Friday, traded as high as $18.68 in pre-market hours, marking a 265% jump. Year-to-date, SONN shares have already gained more than 220%. By press time, the stock was down slightly, trading about 2% lower on the day.SONN one-day stock price chart. Source: Google FinanceThe momentu ...