Aprogen's subsidiary Aptneuroscience will enter the cryptocurrency investment business in earnest through its U.S. subsidiary. The strategy is to utilize the cryptocurrency revenue for research and development funding.
Aptneuroscience announced on the 19th that it has completed the process of changing the mission of its U.S. subsidiary, Global Lithium Corporation, to ApTELos Incorporation and has also shifted its business purpose to "direct investment in cryptocurrency and related financial services."
ApTELos will utilize its current cash holdings of $12 million (approximately 16.53 billion won) to begin purchasing cryptocurrencies including Bitcoin. The company plans to actively expand its cryptocurrency holdings by securing additional funds domestically and internationally. Aptneuroscience intends to establish a "cryptocurrency TREASURE division" at the headquarters and incorporate ApTELos under this department.
Under current law, domestic corporations are restricted from opening real-name accounts for cryptocurrency trading, making direct investment difficult. Starting in September, some institutional investors are expected to be allowed to participate in a pilot program, but large-scale investments will still be subject to constraints.
To address these limitations, Aptneuroscience opted for a cryptocurrency business through its U.S. subsidiary. The company explained that it can directly use cryptocurrency in various transactions, including buying and selling, asset transfers, dividends, and debt repayments, enabling flexible operations. The company plans to not only hold cryptocurrencies but also venture into derivative businesses based on cryptocurrencies.
The company stated that it is investing in cryptocurrency to secure funding for research and development. Aprogen, the parent company, focuses on biosimilars and contract development and manufacturing organization (CDMO) services for antibody drugs. It is currently developing a biosimilar of Herceptin, a breast cancer and stomach cancer treatment from Swiss Roche, and is preparing for approval in Europe, while also producing AbbVie's Humira biosimilar through its subsidiary Aprogen Biologics.
However, the business area expanded after acquiring the thermal energy company Geolit Energy (now Aptneuroscience) last December. Aprogen has also entered the development of treatments for Parkinson's disease through this company, working with Jeong Jong-kyung, director of the Genetic Engineering Institute at Seoul National University, to develop a new substance that prevents dopamine neuron death.
A company official noted, "To sustain the bio business, we needed a stable revenue source in the medium to long term while minimizing the risk of loss," adding that they will invest directly in assets with clear growth potential and scarcity, such as Bitcoin, and expand into related businesses.