Silo Pharma has secured a key pillar of its digital asset strategy by partnering with institutional custodian Fireblocks, triggering a 22% stock surge as investors appear to endorse the move to secure its Bitcoin and Ethereum treasuries.
Summary
- Silo Pharma stock jumped 22% after naming Fireblocks as custodian for its crypto treasury.
- The company launched its digital asset strategy in August, targeting Bitcoin, Ethereum, and Solana.
- Initial purchases of ETH and SOL have already been staked to generate yield.
According to a press release dated Sept. 23, the Nasdaq-listed biopharma firm has tapped Fireblocks as the custodian for its institutional crypto treasury platform.
The agreement tasks Fireblocks with securing Silo’s digital asset operations, including the buying, staking, and managing of its Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) holdings. CEO Eric Weisblum said the partnership is intended to embed “enterprise grade security and governance standards” into the company’s nascent crypto strategy.
“We believe that Fireblocks’ proven institutional-grade infrastructure makes them the right partner to support our long-term strategy for buying, staking, trading, and managing our digital assets as we seek to build long-term value for our shareholders,” Weisblum stated.
Silo Pharma’s crypto treasury takes shape
Silo Pharma’s pivot into digital assets started on August 5, when the company announced the launch of its cryptocurrency treasury strategy. In a filing with the SEC, Silo said it was targeting “multi-chai
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Author: Brian Danga
