Predictive Oncology becomes the first Nasdaq-listed firm to build a decentralized infrastructure treasury, aligning its balance sheet with Aethir’s GPU network.

Predictive Oncology (NASDAQ: POAI), a biotech company best known for its AI-driven cancer research, has announced a $344.4 million digital asset treasury focused on Aethir’s ATH token. The move marks the first time a Nasdaq-listed company has directly structured its treasury around a Decentralized Physical Infrastructure Network (DePIN).

Earlier coverage: Capital B Expands Bitcoin Treasury to 2,812 BTC With Fresh €1.2M Acquisition

The strategy, unveiled Monday, was developed with guidance from Web3 investment firm DNA Fund and brokerage BTIG, which acted as placement agent. Structured as two concurrent private placements in public equity (PIPEs), the initiative combines traditional cash investment with a crypto PIPE consisting of in-kind ATH token contributions.

By adopting this hybrid model, Predictive Oncology is positioning itself at the intersection of traditional equity markets and decentralized infrastructure. The company will be able to record Aethir’s tokenized GPU network as an asset on its balance sheet, directly tying its treasury to the growth of decentralized compute.

Source: CoinMarketCap

Aethir’s Role in DePIN

Aethir provides decentralized GPU infrastructure for AI, gaming, and high-performance computing. Using blockchain technology, its network allocates and monetizes underutilized computing resources, making it a leading name in the growing DePIN market.

Aethir’s native asset ATH, trading under $0.06 at press time, has a market capitalization of about $2.3 billion, according to CoinMarketCap. The token’s 24-hour trading volume surged over 330% following Predictive Oncology’s announcement, reflecting strong market interest in the treasury model.

Predictive Oncology Stock Surges

Investors responded immediately to the blockchain pivot, with POAI shares climbing more than 70% on Monday, reaching their highest level since March.

Until now, Predictive Oncology had been trading as a penny stock, weighed down by modest revenues and consistent losses. The firm reported just $2,682 in revenue for Q2 2025 and $110,310 in Q1, while posting net losses of more than $2 million per quarter. To conserve cash, it sold its Skyline Medical division earlier this year and has shifted its focus entirely to AI-powered drug discovery.

Predictive Oncology (POIA) stock price. Source: Yahoo Finance

This new strategy aligns Predictive Oncology with a broader trend of small-cap and microcap firms turning to digital asset treasuries. Earlier this year, 180 Life Sciences rebranded as ETHZilla and adopted Ether (ETH) as its reserve asset. Other firms, including Mill City Ventures, Upexi, Nature’s Miracle, Helius Medical Technologies, and AVAX One, have followed similar paths.

Analysts Warn of Risks

While the move has boosted POAI in the short term, analysts remain cautious. A report from Standard Chartered highlighted that digital asset treasury firms are experiencing “market net asset value compression,” where

valuations no longer keep pace with the crypto assets they hold. The bank noted that rapid market saturation could limit the upside for new entrants.

The largest digital asset treasury (DAT) companies have experienced mNAV compression in recent months. Source: Standard Chartered

Still, Predictive Oncology’s bold pivot could help reposition the struggling biotech firm as a first mover in decentralized infrastructure financing — a sector increasingly tied to AI’s exponential demand for computing power.