Another Hong Kong company is adding crypto to its treasury, but it wants to do more than passively hold it.
IVD Medical Holdings has purchased $19 million (HK$149 million) of ether (ETH), positioning the asset at the center of its real-world asset tokenization strategy.
The company is building ivd.xyz, a platform for tokenizing pharmaceutical intellectual property and other healthcare assets, which will run entirely on Ethereum smart contracts.
In a statement to CoinDesk, Chief Strategy Officer Gary Deng said Ethereum was chosen as the core asset because it is “the world’s most mature smart contract platform” with “extremely high liquidity” and growing institutional recognition, pointing to the U.S. SEC’s approval of a spot ETH ETF.
IVD plans to use ETH for on-chain ownership confirmation, automated revenue distribution, and compliance governance of tokenized assets.
It will also serve as the settlement layer for the company’s planned IVDD stablecoin, enabling cross-border transactions within Hong Kong and U.S. compliance frameworks. Revenue from RWA transactions will be automatically converted into ETH and deposited into the treasury.
IVD also intends to deploy ETH into staking, re-staking, and on-chain derivatives to boost returns and liquidity while adding downside protection. The move puts IVD alongside a small group of HKEX-listed companies with crypto treasuries, most of which favor bitcoin (BTC).
Boyaa Interactive (0434.HK) holds more than 3,100 BTC worth over US$300 million after converting nearly all of its ether to bitcoin. Meitu (1357.HK) bought about 31,000 ETH and 940 BTC in 2021 before exiting those positions.
Other smaller bitcoin holders include Yuxing InfoTech (8005.HK) with 78 BTC, Moon Inc. (1723.HK) with 18.88 BTC, and Walnut Capital (0905.HK) with 10 BTC from a shareholder donation.
IVD’s move was made as part of a broader partnership announcement with HashKey Group, which operates the Hong Kong-licensed HashKey exchange.
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