Four Pharma Firms Ditched Medicine Development And Dived Into Crypto
Helius Medical Technologies is the most recent medical firm to pivot to a digital asset treasury, making it the fourth agency to take an analogous step in current months.
These companies more and more take into account crypto investments a viable various to generate the expansion their essential drug improvement efforts have struggled to supply.
Helius Trades Neurotech for Solana
Helius Medical Technologies formally rebranded as Solana Company this week, turning into the most recent medical company to pivot its corporate strategy to focus on acquiring digital assets.
Originally a neurotech medical system firm, Helius targeted on treating completely different neurological deficits. Its current identify change suggests a strategic shift from its unique focus towards an alignment with the Solana blockchain.
As a part of this rebranding, Helius is making a Digital Asset Treasury (DAT) centered round purchases of SOL, the Solana native token. The transfer follows a current elevate of $500 million devoted to funding this cryptocurrency treasury technique.
As a part of its rebranding, the Solana Company signed a non-binding letter of intent with the Solana Foundation. It dedicated itself to operating all its blockchain actions solely on Solana.
This settlement additionally permits the corporate to buy SOL tokens at a reduced fee from the Foundation.
The technique goals to leverage advantages like SOL’s yield-bearing mechanism to maximise returns on its crypto holdings.
Helius isn’t the primary medical-focused firm to rebrand itself to purchase crypto.
A Look on the Growing Pharma-to-Crypto Trend
Following Helius this 12 months, three further healthcare and pharmaceutical corporations have rebranded themselves as digital asset treasuries.
These companies increasingly adopt cryptocurrency strategies to generate progress that their core drug improvement companies have struggled to ship.
Last week, TNF Pharmaceuticals, a clinical-stage analysis firm, introduced a whole strategic pivot and rebrand to Q/C Technologies. Its core enterprise now revolves round utilizing quantum-class computing, particularly focused at cryptocurrency infrastructure improvement.
Earlier this month, MEI Pharma, a biotech agency primarily targeted on growing oncology drug candidates, modified its identify to Lite Strategy. The firm additionally secured over $100 million in Litecoin and adopted it as its major treasury reserve asset.
The pivot was precipitated by the fallout from a failed merger in 2023 and a subsequent company-wide strategic evaluate in 2024.
Litecoin’s creator, Charlie Lee, who joined the corporate’s board, suggested rebranding to Lite Strategy. The firm now frames its mission round offering compliant exposure to Litecoin.
In August, regional healthcare supplier Kindly MD accomplished a merger with Nakamoto Holdings, a Bitcoin-native holding firm.
Though the corporate stored its unique identify, it shifted its major mission to determine an institutional-grade Bitcoin treasury with an formidable, long-term aim of buying a million BTC.
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