Australian listed company Opyl Limited announces Bitcoin strategy to sustain operations

PANews reported on June 26 that according to Decrypt, Opyl Limited, an Australian listed biotech company, announced the adoption of a Bitcoin financial strategy at a time of tight cash flow, purchasing about 2 Bitcoins (worth about $214,500) through the ASX-listed DigitalX Bitcoin ETF. The company received a $1.3 million loan from non-executive director Tony Guoga (collateralized by Bitcoin, with an interest rate of 6.5%) in an attempt to alleviate the predicament of insufficient operating funds.

Data shows that Opyl had only $41,700 in cash at the end of March, with monthly operating expenses of $170,000. Tony Guoga emphasized that with the recognition of governments around the world, crypto assets are becoming a "proven forward-looking asset class."