ENDRA Life Sciences raises $4.9 million to launch cryptocurrency treasury

ENDRA Life Sciences Inc. (NDRA) announced it secured $4.9 million in commitments through a private placement to establish a digital asset treasury strategy managed by Arca Investment Management.

The medical imaging technology company sold 744,340 shares of common stock and pre-funded warrants, along with warrants to purchase up to 1,488,680 additional shares. The warrants are exercisable at $6.32 per share and expire in five years. Each share and accompanying warrant sold for a combined price of $6.57.

If all warrants are exercised, ENDRA could receive total gross proceeds of up to $14.4 million. The company stated it will allocate most proceeds to establish digital asset treasury operations and accumulate cryptocurrency, with remaining funds directed toward completing its TAEUS pilot validation imaging study for liver disease.

The offering is expected to close around October 14, 2025, subject to customary conditions. Lucid Capital Markets served as sole placement agent.

ENDRA also announced plans to appoint Jeff Dorman, Chief Investment Officer at Arca, to its Digital Asset Advisory Board. Dorman has over 25 years of trading and asset management experience at firms including Merrill Lynch and Citadel, where he managed more than $100 million in proprietary capital.

The company’s digital asset strategy will focus on long-term cryptocurrency ownership combined with options overlays, staking and decentralized finance participation. ENDRA stated the approach aims to increase tokens per share through portfolio construction guided by risk controls.

ENDRA develops Thermo Acoustic Enhanced UltraSound technology for assessing tissue fat content, particularly for liver disease diagnosis and monitoring. The securities were offered under Regulation D to accredited investors and have not been registered under the Securities Act.