Galmed approves digital asset management strategy

Galmed (GLMD) Pharmaceuticals announced that its Board of Directors has approved a digital asset management strategy as part of a new treasury investment policy and capital allocation initiative. To this end, the Board established a Crypto Committee of the Board, which is evaluating and, if appropriate, will oversee the implementation of any crypto investing related activities, including a potential allocation of up to 50% of the Company’s cash reserves to be used for the purchase of digital assets, which is currently about $10M. The new treasury investment policy is designed to diversify Galmed’s balance sheet and enhance capital efficiency by leveraging the growth and liquidity opportunities of blockchain-based assets. To support the execution of this initiative, Galmed entered into a non-binding letter of intent for the engagement of Tectona, a specialized and reputable crypto treasury management service provider. It is contemplated that Tectona will provide Galmed with advisory and operational services for the management of digital asset exposures.