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Galmed Pharmaceuticals Ltd. (GLMD) announced its board approved a digital asset management strategy that includes investing up to $10 million, representing approximately 50% of its current cash balance, in cryptocurrency-related activities.
The clinical-stage biopharmaceutical company established a crypto committee to evaluate and oversee potential digital asset investments. The strategy may include covered call options, staking, lending, and yield-generating protocols.
Galmed entered into a non-binding letter of intent to engage Tectona Ltd. (TECT), a crypto treasury management service provider, to advise on implementing the digital asset strategy.
The company’s shareholders approved an amendment to increase authorized share capital from 50 million to 900 million ordinary shares at a special general meeting held August 15, 2025.
"The adoption of digital assets as part of our treasury management program reflects our proactive approach to financial management, innovation, and capital efficiency," said Allen Baharaff, CEO of Galmed.
The Tel Aviv-based company focuses on developing Aramchol for liver disease treatment and is pursuing opportunities in cardiometabolic indications. The new treasury policy aims to diversify the company’s balance sheet while maintaining liquidity to support operational needs.
The information is based on a company press release.