Michael Saylor-led MicroStrategy (MSTR) started it in 2020. Now, from Tesla (TSLA) to Block (XYZ) to even the federal government, it seems that everyone is doing it to various degrees. I am referring, of course, to becoming a crypto treasury company or adopting a dedicated strategy to accumulate reserves of a specific cryptocurrency. Although most of the time, the preferred choice of crypto is the world's most popular and largest digital asset, Bitcoin (BTCUSD), building reserves of a token that's not as widely accessible for investment can be a strategically prudent move. That's because it can raise the stock's appeal as a “proxy trade” for the underlying token.
Based on recent headlines, it seems that this is exactly what cancer-focused clinical-stage biotechnology company Sonnet BioTherapeutics is doing with the little-known HYPE crypto.
