Australian AI biotechnology company Opyl Limited, facing financial difficulties, announced on Thursday in Melbourne that it is adopting a Bitcoin treasury strategy. Opyl has purchased about two Bitcoins, valued at approximately $214,500 (A$330,000), through the DigitalX Bitcoin ETF listed on the ASX.
Opyl's new financial situation and strategy
Although this amount of Bitcoin is small compared to other companies, Opyl stated that this move reinforces "treasury diversification" and reflects a commitment to "creating shareholder value". This buyback is supported by a non-dilutive financial facility provided by non-executive director Antanas "Tony G" Guoga. The loan is capped at $1.3 million (A$2 million), with an interest rate of 6.5% and is secured against the company's Bitcoin.