BofA update shows where active managers are putting money
Silo Pharma Inc. (SILO) announced the launch of a cryptocurrency treasury strategy targeting Bitcoin, Ethereum, and Solana investments. The biopharmaceutical company plans to make opportunistic digital currency purchases and utilize staking to generate yield while focusing on capital preservation.
The company appointed Corwin Yu, a digital asset technology executive, as the first member of its newly formed Crypto Advisory Board to lead the strategy. Yu serves as Global Head of Digital Assets at fintech company TSImagine and previously was founding Chief Technology Officer of MARKTS, an institutional crypto trading platform. He has over 20 years of experience in institutional finance systems.
Silo recently acquired artificial intelligence-powered market intelligence technology to support decision-making for the crypto strategy. The expanded implementation will depend on available capital and market conditions, according to the company.
"We believe there is an opportunity to potentially create and unlock long-term value for Silo’s stockholders," said CEO Eric Weisblum. The company plans to add two additional members to the three-member advisory board.
Silo maintains its focus on biopharmaceutical development, with lead asset SPC-15 for PTSD completing final studies before submitting an FDA investigational new drug application. The company’s therapeutic portfolio targets stress-induced psychiatric disorders, chronic pain, and central nervous system diseases.
The company describes itself as a diversified developmental-stage biopharmaceutical and cryptocurrency treasury company. Its research programs include SP-26 for fibromyalgia and preclinical assets for Alzheimer’s disease and multiple sclerosis.