Publicly Listed Company Galmed Plans to Allocate 50% of Cash Reserves to Cryptocurrency
According to ChainCatcher, as reported by PR Newswire, the US-listed biopharmaceutical company Galmed Pharmaceuticals Ltd. has announced the implementation of a digital asset management strategy. The company plans to allocate $10 million (approximately 50% of its current cash reserves) to digital asset investments.
The company has established a cryptocurrency committee responsible for evaluating and overseeing cryptocurrency-related investment activities. The strategy will include digital asset portfolio rebalancing, participation in liquidity provision, staking yield, and risk hedging strategies.
To execute this plan, Galmed has signed a letter of intent with cryptocurrency asset management service provider Tectona (TASE: TECT), which will provide consulting and operational services.
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