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WOODS CROSS, Utah - Sky Quarry Inc. (NASDAQ:SKYQ), a micro-cap company with a market value of $12.44 million, announced Tuesday it is exploring the establishment of a digital asset treasury as part of its capital allocation strategy, according to a company press release. According to InvestingPro data, the company operates with significant debt and rapid cash burn.
The sustainable resource recovery company has formed an internal working group and engaged industry advisors to develop the initiative, which would include investments in digital currencies, stablecoins, and other blockchain-based instruments.
Sky Quarry stated it believes this approach could strengthen its balance sheet while potentially creating shareholder value. The company cited growing institutional acceptance of digital assets in public markets as a factor in its decision.
"As someone who has been involved in the cryptocurrency sector since 2017, I’ve seen the conversation around digital assets shift from skepticism to institutional engagement," said Marcus Laun, Executive Vice President and Co-Founder of Sky Quarry, in the statement.
The company indicated it is in early discussions to secure commitments that would result in a diversified portfolio of digital assets. Sky Quarry also expressed interest in connecting with foundations, asset managers, and cryptocurrency entrepreneurs who share its vision.
Sky Quarry’s primary business focuses on oil production, refining, and environmental remediation technologies for recycling waste asphalt shingles and remediating oil-saturated sands and soils.
The company trades on the Nasdaq under the ticker SKYQ and said it plans to share additional updates on the digital asset initiative in the coming weeks.
In other recent news, Sky Quarry Inc. announced a strategic plan to boost refinery output through its subsidiary, Foreland Refining Corporation. The initiative, known as "Path to Full Production," aims to increase the refinery’s production capacity to an annual peak rate of 800,000 barrels. Currently, the Nevada-based refinery operates at up to 3,600 barrels per day, and the expansion is underway. The plan includes achieving key monthly production milestones of 45,000, 60,000, 80,000, and 100,000 barrels, particularly during high demand periods. Sky Quarry’s strategy focuses on enhancing operational efficiency, reducing downtime, and expanding its workforce to support increased capacity. The company also plans to strengthen supply and customer relationships to secure long-term contracts and better pricing. Additionally, infrastructure upgrades and a maintenance framework are being implemented to ensure safe and continuous operations. The refinery is also expanding its capabilities to process recycled heavy oil from waste materials. These developments are part of Sky Quarry’s broader effort to increase revenue and operational capacity.
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