iSpecimen plans up to $200 million Solana-based treasury reserve

WOBURN, Mass. - iSpecimen Inc. (NASDAQ:ISPC), a biospecimen sourcing platform for scientific research with a current market capitalization of $7.36 million, announced Thursday plans to build a digital asset treasury reserve of up to $200 million based on the Solana blockchain ecosystem. According to InvestingPro data, the company has been experiencing significant cash burn and currently operates with short-term obligations exceeding its liquid assets.

The company has retained WestPark Capital as financial advisor and BlockArrow, a Chicago-based digital asset management firm, to guide the initiative’s strategy and compliance.

According to the press release, iSpecimen selected Solana as the foundation for its digital asset treasury citing the blockchain’s high throughput, low transaction costs, developer-friendly tools, and enterprise security features.

"This initiative represents a bold step forward in iSpecimen’s pursuit of technological leadership in the life sciences," said Rob Lim, CEO of iSpecimen, in the statement. The company’s ambitious blockchain plans come despite challenging financials, with InvestingPro analysis showing annual revenue of $8.06 million and a weak overall financial health score.

The company plans to implement security measures including offline cold storage, insured custody through Coinbase Custody, and institutional-grade risk controls. Insurance coverage through Coinbase Custody will extend to risks such as theft, damage, or operational failures, backed by Lloyd’s of London syndicates.

Katie Field, President of iSpecimen, described the move as reflecting the company’s "financial and operational innovation" as blockchain adoption gains momentum.

The biospecimen marketplace operator said it aims to diversify its future digital treasury across high-performing crypto assets, focusing on liquidity, capital preservation, and sustainable growth.

iSpecimen connects scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical research through its online marketplace.

The company noted that the announcement does not constitute an offer to sell securities. For investors seeking deeper insights into iSpecimen’s financial position and growth prospects, InvestingPro offers comprehensive analysis through its Pro Research Report, available as part of its coverage of over 1,400 US equities.

In other recent news, iSpecimen Inc. announced the pricing of an underwritten public offering, which aims to raise approximately $4 million through the sale of 5,714,283 shares of common stock at $0.70 per share. This offering is expected to close on July 25, 2025, with WestPark Capital, Inc. acting as the sole book-runner for the transaction. Additionally, iSpecimen has secured approximately $1.75 million through a securities purchase agreement, issuing 1,559,828 shares of common stock or pre-funded warrants at $1.122 per share. The company also amended its bylaws to lower the quorum requirement for shareholder meetings from a majority to 34% of the voting power. These developments indicate a strategic move by iSpecimen to enhance its financial position and governance structure. The company’s recent actions reflect its ongoing efforts to navigate the financial landscape effectively.

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