iSpecimen receives crypto treasury proposals amid $200M digital plan

iSpecimen Inc. (NASDAQ: ISPC) announced it has been approached by several cryptocurrency companies presenting investment opportunities as the biospecimen sourcing company pursues plans to build a $200 million digital asset treasury.

The Woburn, Massachusetts-based company said the approaches include opportunities in tokenized real-world assets and highly ranked cryptocurrencies. iSpecimen continues parallel discussions to develop a Solana blockchain-based treasury program, according to a company statement.

"We are refining our approach to build a digital asset treasury. While the acquisition of Locked Solana appeals, we recognize there are many opportunities that we continue to explore," said Robert Lim, chief executive officer.

The company plans to establish a SOL-based treasury program using the native token of the Solana network to diversify its balance sheet and support growth initiatives. iSpecimen intends to source treasury management expertise for policy design, counterparty diligence, execution, custody coordination, risk management and reporting.

The treasury program contemplates purchasing SOL through over-the-counter transactions with cryptocurrency institutions, including Locked SOL that carries contractual transfer or vesting restrictions. Locked SOL typically trades at a discount to spot prices due to illiquidity and lock-up risk.

iSpecimen plans to fund the treasury program primarily from capital raised periodically. The company said it will employ a buy-and-hold strategy and purchase locked SOL at discounts. Plans include staking the Solana holdings to generate yields while maintaining a small percentage for spot trading.

iSpecimen operates an online marketplace connecting scientists with healthcare providers for human biospecimens used in medical research.

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