Profusa is pivoting into bitcoin by securing a $100 million equity line of credit with Ascent Partners, committing all proceeds beyond a $5 million cash buffer to BTC as its primary treasury reserve asset.
Biotech Firm Profusa Embraces Bitcoin
Profusa Inc. (Nasdaq: PFSA), a digital health company, has taken a bold step into digital assets with the announcement of a $100 million equity line of credit (ELOC) with Ascent Partners Fund, with all net proceeds, subject to a $5 million cash floor, allocated to bitcoin purchases.
Under the agreement, Ascent will purchase Profusa’s common stock at 97% of the lowest volume-weighted average price over the five trading days post-issuance. The company can raise up to $5 million per drawdown, limited by recent average trading volumes.
Ben Hwang, Profusa’s Chairman and CEO, shared the company’s new treasury management strategy.
It is critical that we leverage opportunities to manage our resources to enable maximum shareholder value. Holding bitcoin on our balance sheet represents a strategic move to safeguard shareholder value and align with a digital future.
The move positions bitcoin as Profusa’s primary treasury reserve asset. If the company’s cash balance falls below $5 million, proceeds from the ELOC will first replenish cash reserves before being used to acquire BTC. Profusa expects its first bitcoin purchases to take place this week and will report its holdings quarterly.
This marks a significant treasury pivot for a public biotech firm, signaling growing institutional interest in bitcoin as a financial reserve tool beyond the tech sector.
