Biopharmaceutical company Galmed Pharmaceuticals announced plans to allocate 50% of its cash reserves in cryptocurrencies

According to Prnewswire, Galmed Pharmaceuticals Ltd., a US-listed biopharmaceutical company, announced the implementation of a digital asset management strategy, planning to allocate $10 million (approximately 50% of its current cash reserves) to digital asset investments. The company has established a cryptocurrency committee to evaluate and oversee cryptocurrency-related investment activities. The strategy will include digital asset portfolio rebalancing, participation in liquidity provision, staking income, and risk hedging strategies. To implement 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.