Intel stock spikes after report of possible US government stake
Cosmos Health Inc. (COSM) completed an initial $1 million purchase of Ethereum as part of its digital asset treasury reserve strategy, according to a company statement.
The healthcare company used funds from its financing facility of up to $300 million with a U.S.-based institutional investor to make the cryptocurrency purchase.
"We are excited to begin building our ETH treasury with this inaugural purchase," said Greg Siokas, CEO of Cosmos Health. "Rather than holding only cash on our balance sheet, we are now adding an asset we believe has strong appreciation potential."
Siokas cited Ethereum’s adoption by institutional investors, inclusion in exchange-traded funds, proposed expansion of cryptocurrency access in retirement plans, and increasing enterprise use of Ethereum-based applications as factors supporting the decision.
Cosmos Health operates as a diversified healthcare group with pharmaceutical and nutraceutical brands including Sky Premium Life, Mediterranation, bio-bebe, C-Sept and C-Scrub. The company manufactures products through its European Union-based subsidiary Cana Laboratories S.A., which holds European Good Manufacturing Practices licensing and European Medicines Agency certification.
The company distributes pharmaceuticals and parapharmaceuticals to retail pharmacies and wholesale distributors through subsidiaries in Greece and the United Kingdom. Cosmos Health has also established research and development partnerships targeting health disorders and entered the telehealth sector through its acquisition of ZipDoctor Inc.