Predictive Oncology (POAI), a biotechnology company specializing in AI-driven cancer research, has announced a $344.4 million digital asset treasury centered on Aethir’s ATH token, marking the first time a Nasdaq-listed company will hold and actively manage tokens from a Decentralized Physical Infrastructure Network (DePIN).
The capital strategy was developed with guidance from DNA Fund, a Web3 investment and advisory company, and BTIG, which served as the placement agent, Predictive Oncology disclosed Monday. It was structured as two concurrent private placements in public equity (PIPEs), combining cash investment with a crypto PIPE involving in-kind contributions of ATH tokens, DNA Fund said in a separate announcement.
The structure allows Predictive Oncology to record tokenized DePIN infrastructure as a balance sheet asset, introducing a hybrid financing model that connects traditional equity markets with decentralized computing networks. The ATH treasury will be tied directly to Aethir’s decentralized GPU infrastructure.
Aethir is a decentralized cloud network that provides GPU infrastructure for AI, high-performance computing and gaming applications. The network uses blockchain technology to coordinate and distribute access to physical compute resources, positioning it as a key participant in the DePIN market.
The network’s native asset, ATH, is currently trading at under $0.06 with a market capitalization of about $2.3 billion, according to CoinMarketCap. ATH’s 24-hour trading volume has increased by more than 330%, likely due to the Predictive Oncology treasury announcement.
Related: VC Roundup: Investors continue to back DePIN, Web3 gaming, layer-1 RWAs
Predictive Oncology’s blockchain pivot lifts stock
Predictive Oncology’s move into decentralized infrastructure drew early attention from investors, with shares surging more than 70% on Monday following the announcement of its digital asset treasury. The rally pushed the stock to its highest level since March.
Before the announcement, Predictive Oncology spent the last two years trading as a penny stock with limited revenue and a history of quarterly losses. The company reported just $2,682 in revenue for the second quarter of 2025 and $110,310 in the first quarter, alongside net losses exceeding $2 million in each period.
In its most recent quarter, Predictive Oncology raised approximately $586,000 through an at-the-market offering facility to help fund operations.
In March, the company sold its Skyline Medical division, which manufactured an automated fluid waste management device used in medical centers, as part of a broader strategy to cut expenses and refocus on AI-driven drug discovery.
Predictive Oncology’s new strategy positions it among a growing group of small-cap and microcap firms pivoting toward digital asset treasury models. In July, the former biotech company 180 Life Sciences rebranded as ETHZilla and announced plans to accumulate Ether (ETH) as a treasury asset.
Other publicly traded companies, including Mill City Ventures (MCVT), Nature’s Miracle (NMHI), Upexi (UPXI), Helius Medical Technologies (HSDT) and AVAX One, formerly AgriFORCE Growing Systems, have made similar moves to integrate crypto assets into their balance sheets.
Analysts at Standard Chartered have cautioned that digital asset treasury companies could face a valuation squeeze as market net asset values (mNAVs), which compare a company’s enterprise value to its crypto holdings, continue to decline.
“We see market saturation as the main driver of recent mNAV compression,” Standard Chartered wrote, referring to the rapid increase in companies adopting digital asset treasury strategies this year.
Related: After $400M splurge, ETH treasurer eyes stock buyback amid leverage concerns
