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WOBURN, Massachusetts - iSpecimen Inc. (NASDAQ:ISPC), a biospecimen sourcing company for scientific research trading near its 52-week low of $0.66, announced Thursday it is expanding its cryptocurrency treasury initiative beyond its initially announced Solana-focused approach. According to InvestingPro data, the company faces significant financial challenges with a market capitalization of just $3.6 million and declining revenues (-43.77% year-over-year).
Since revealing plans in August to build a $200 million corporate treasury reserve based on the Solana blockchain ecosystem, the company has received approaches from several cryptocurrency firms offering opportunities in tokenized real-world assets and other highly ranked cryptocurrencies. With an EBITDA of -$10.75 million in the last twelve months, this ambitious initiative comes at a crucial time for the company. For deeper insights into iSpecimen’s financial health and growth prospects, InvestingPro subscribers can access 14 additional key insights and comprehensive analysis.
"We are refining our approach to build a digital asset treasury. While the acquisition of Locked Solana appeals, we recognize there are many opportunities that we continue to explore," said Robert Lim, CEO of iSpecimen, in a press release statement.
The company still intends to establish a SOL-based treasury program, planning to purchase both regular SOL tokens and "Locked SOL" - tokens subject to contractual transfer or vesting restrictions that may be available at discounted prices. iSpecimen plans to implement a "buy and HODL" strategy, a long-term investment approach to hold assets through market volatility.
According to the announcement, iSpecimen plans to stake its Solana holdings, including through liquid staking tokenization, to generate yields. The company also indicated it may partially diversify its Solana holdings and allocate a small percentage for spot trading.
The biospecimen company expects to fund the treasury program primarily from capital that may be raised in the future and intends to source treasury management expertise to assist with policy design, execution, custody coordination, and risk management.
iSpecimen operates an online marketplace connecting scientists with healthcare providers that have access to patients and specimens needed for medical research. The company’s overall financial health score stands at 1.07, rated as WEAK by InvestingPro analysts, who maintain detailed coverage of over 1,400 US stocks through their comprehensive Pro Research Reports.
In other recent news, iSpecimen Inc. has announced several key developments. The company secured approximately $1.75 million through a securities purchase agreement, issuing shares at $1.122 per share. Additionally, iSpecimen priced a public offering at $0.70 per share, aiming to raise around $4 million in gross proceeds, with WestPark Capital, Inc. acting as the sole book-runner for this transaction. In another strategic move, iSpecimen plans to establish a digital asset treasury reserve of up to $200 million based on the Solana blockchain, with guidance from WestPark Capital and BlockArrow. The company also completed the first phase of its digital transformation program, enhancing its infrastructure with Salestack Solutions. These developments reflect iSpecimen’s ongoing efforts to expand its financial and technological capabilities.
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