BioNexus, a publicly traded company, becomes the first to endorse Ethereum as a Treasury.

On Wednesday, BioNexus Gene Lab Corporation, the second Nasdaq-listed company to entirely emphasize Ethereum as a corporate asset, officially approved an Ethereum-focused bank strategy.

The software company with offices in Wyoming also made available its Ethereum Strategy Whitepaper, which explains why it chose to use Ethereum for commercial Treasury Management rather than the more popular Bitcoin.

Ethereum offers broader utility as a customizable economic platform, according to the company in its Whitepaper, which was released on Wednesday.

The company’s intention to switch its bank assets to Ethereum was not immediately known, nor was the transition’s schedule for that information made public.

request for comment on those issues has not yet been responded to by BioNexus.

Despite the latter being adopted by institutional investors last month, BioNexus touts Ethereum’s ability to generate yield through laying as a significant edge over Bitcoin.

Ethereum offers an additional income stream through holding, in contrast to Bitcoin. Ethereum’s Proof-of-Stakes system, according to the company’s Whitepaper, “enables holders to make 3-5 % annual offer,” and it has the potential to convert it “from a passive asset to an income-generating bank instrument” in its Whitepaper.

Ethereum’s administrative reliability is another issue, according to BioNexus, while acknowledging that “its long-term possible as a financial tool is validated by its adoption by major financial institutions like BlackRock and Fidelity.

The business also points out Ethereum’s significance in the world economic system, claiming that it “underpins trillions of stablecoin transactions every by acting as the settlement layer for USDT, USDC, and different stablecoins.”

The upcoming Pectra protocol upgrade, according to BioNexus ‘ whitepaper on Ethereum strategy, could strengthen Ethereum’s status as a” trustworthy long-term infrastructure for businesses.”

Despite the enthusiasm, Pectra’s release has encountered problems in recent months, including early on Wednesday when its Sepolia test system was operational, in response to similar roadblocks from its earlier Holesky testing period.

Working in genetic diagnostics and substance distribution, BioNexus is mostly active in Asia through its Malay subsidiary.

90 % of its overall revenue is made up of its supply of industrial chemicals to the aerospace and automotive industries. A section that makes up 10 % of its income has also been developed to develop RNA-based blood tests for the early diagnosis of cancers and inflammatory diseases.

Despite its chances with Ethereum, BioNexus appears to be facing unique financial difficulties.

The company was notified by the Nasdaq in December of last year that it had broken the minimum bid amount law.

It was given a temporary exemption that would give it until May 1, 2025, to re-inforce conformity. By April 7, 2025, BioNexus intends to change the stock cut to solve this.

According to financial Times data, the company reported$ 9.26 million in trailing twelve-month revenue, over a$ 5.88 million market cap, with its stock trading at$ 0.32, down 61 % on the year.

edited by Sebastian Sinclair