Hong Kong-listed IVD Medical is diving headfirst into crypto, purchasing $19 million worth of Ethereum through licensed exchange HashKey. The move, marking one of the first by a publicly traded healthcare firm, signals a growing corporate appetite for digital assets beyond Bitcoin.
According to a press release dated August 8, IVD Medical Holdings Limited has entered a strategic partnership with HashKey Exchange to launch its Ethereum (ETH) treasury strategy.
The healthcare diagnostics firm executed a HK$149 million ($19 million) block trade through HashKey’s licensed platform, gaining access to the exchange’s liquidity network and infrastructure for potential staking and DeFi-based yield initiatives. HashKey said the collaboration is designed to explore how blockchain integration could complement industrial capital in a regulated market setting.
IVD Medical’s $19 million Ethereum purchase represents a structured foray into blockchain-based treasury management. According to the announcement, the partnership with HashKey grants the firm access to institutional-grade execution via HashKey OTC, minimizing slippage on large ETH trades, while the exchange’s global liquidity network provides flexibility for future adjustments.
More notably, the collaboration extends into yield optimization, with plans to explore Ethereum staking, restaking, and DeFi strategies through HashKey Cloud. This positions IVD not as a passive holder, but as an active participant in Ethereum’s proof-of-stake economy.
Randall Chan, Managing Director of HashKey Exchange, framed the move as part of a broader shift in corporate treasury thinking. “IVD Medical’s approach shows how traditional industries are leveraging digital assets for both treasury diversification and operational innovation,” he said.
Chan emphasized that the partnership could eventually extend into tokenization of healthcare assets, hinting at how blockchain might reshape medical supply chains or diagnostic data markets. His comments underscore a key point: this isn’t just about holding ETH; it’s about testing how blockchain integrates with legacy industries in Hong Kong’s tightly regulated environment.
IVD Medical now joins a small but growing group of public companies betting on Ethereum’s long-term value. BitMine Immersion Technologies leads with $3.2 billion in ETH holdings, followed by SharpLink Gaming at $2 billion and The Ether Machine with $1.34 billion.
Corporate Ethereum treasuries now collectively exceed $11.7 billion, a figure that has grown alongside ETH’s 163% rebound from its April lows. Unlike Bitcoin-focused firms, these companies often cite Ethereum’s staking yields and smart contract utility as key motivations, suggesting a divergence in how corporations are approaching the two dominant crypto assets.
Still, the trend carries risks. Ethereum co-founder Vitalik Buterin recently voiced cautious support for corporate ETH holdings, warning that overleveraging could destabilize the ecosystem.
“If treasuries led to ETH’s downfall, it would likely be through a cascade of liquidations from excessive borrowing,” he said on the Bankless podcast, drawing a stark contrast between disciplined adopters and the reckless speculation that doomed Terra’s Luna.
His warning may prove especially relevant for IVD Medical, a healthcare firm with no prior crypto exposure now navigating one of the most volatile asset classes in global finance.
