The listed company Galmed plans to allocate 50% of its cash reserves to cryptocurrency

ChainCatcher news, according to PR Newswire, the US-listed biopharmaceutical company Galmed Pharmaceuticals Ltd. announced the implementation of a digital asset management strategy, with plans to allocate $10 million (approximately 50% of current cash reserves) for digital asset investments.

The company has established a cryptocurrency committee responsible for evaluating and overseeing cryptocurrency-related investment activities. This strategy will include digital asset portfolio rebalancing, participation in liquidity provision, staking yields, 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.