Biopharmaceutical firm Artelo Biosciences has secured $9.475 million through a private placement aimed at establishing a digital asset reserve strategy utilizing Solana (SOL). This initiative positions Artelo as the first publicly-traded pharmaceutical company to adopt a digital asset reserve strategy specifically focused on SOL.
The financing involves warrants priced at $10.45 per share, with associated exercise prices ranging from $10.20 to $50. Final settlement for the transaction is anticipated by August 5, 2025.
Artelo selected Solana for its institutional strategy due to the blockchain network’s high transaction throughput, low operational costs, proven scalability, and expanding ecosystem supporting institutional participation. The company views this move as a significant step towards integrating advanced blockchain technology for diversification and innovation within its financial framework.
This pioneering strategy within the pharmaceutical industry aims to leverage the inherent benefits of digital assets and blockchain, focusing specifically on SOL as a reserve asset for corporate treasury management.