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iSpecimen Inc. (ISPC) announced plans to establish a corporate treasury reserve of up to $200 million based on the Solana blockchain ecosystem. The biospecimen technology company has retained WestPark Capital as advisor and contracted with BlockArrow, a Chicago-based digital asset management firm, to guide the initiative.
The Woburn, Massachusetts-based company said the digital asset treasury will support long-term value creation and fund innovation across its digital infrastructure. BlockArrow will provide advisory services and management for the treasury structure, which will emphasize security measures including offline cold storage and insured custody through Coinbase Custody.
"This initiative represents a bold step forward in iSpecimen’s pursuit of technological leadership in the life sciences," said Rob Lim, CEO of iSpecimen. "By building a Solana-based treasury, we believe that we are aligning with the future of decentralized infrastructure and digital assets."
The company cited Solana’s transaction speed, low costs, developer tools, and security features as reasons for selecting the blockchain platform. iSpecimen plans to diversify its digital treasury across multiple cryptocurrency assets while focusing on liquidity and capital preservation.
BlockArrow, founded in 2019 by Thomas Sutker and Dylan Gold, manages cryptocurrency investment strategies and employs institutional-grade security controls. The firm’s insurance coverage extends to risks including theft and operational failures, backed by Lloyd’s of London syndicates.
iSpecimen operates an online marketplace connecting scientists with healthcare providers for human biospecimens needed in medical research. The company’s stock trades on the NASDAQ under the ticker ISPC.