Nasdaq-listed company BioNexus becomes the first company to adopt an Ethereum reserve strategy

BioNexus Gene Lab Corporation announced that it has adopted Ethereum as its preferred reserve asset, becoming the first Nasdaq-listed company to abandon Bitcoin in favor of Ethereum. In its strategic white paper, BioNexus highlighted the key reasons for choosing Ethereum over Bitcoin: Ethereum staking can generate 3-5% annual returns converting assets into income sources; it has been recognized by major financial institutions such as BlackRock; it supports infrastructure for trillions of dollars in stablecoin transactions; and the upcoming Pectra upgrade will further enhance its value. The company is currently facing financial difficulties, with a stock price of $0.32, down 61%, and has received a non-compliance warning from Nasdaq. It plans to carry out a reverse stock split in April this year to address this issue. (Decrypt)