Australian listed company Opyl Limited announces adoption of Bitcoin strategy to maintain operations

According to Decrypt, Australian listed biotech company Opyl Limited announced the adoption of a Bitcoin fiscal strategy amidst tight cash flow, purchasing approximately 2 bitcoins (worth around $214500) through the ASX listed DigitalX Bitcoin ETF. The company has obtained a $1.3 million loan (secured with Bitcoin at an interest rate of 6.5%) from non-executive director Tony Guoga in an attempt to alleviate the shortage of operating funds. Data shows that Opyl had only $41700 in cash remaining as of the end of March, with monthly operating expenses reaching $170000. Tony Guoga emphasized that with the recognition of governments around the world, encrypted assets are becoming a "validated forward-looking asset class".