Scilex Secures $200M Bitcoin Exchange from Subsidiary Equity

Scilex Holding Company has announced a notable transition in its treasury management through the exchange of $200 million in subsidiary equity for Bitcoin. This announcement followed an official company statement on September 23, 2025.

The transaction involves the offloading of 12.5 million shares of Semnur Pharmaceuticals at $16 per share to unnamed institutional investors. This strategic move aims to diversify Scilex’s asset base into digital currencies.

Scilex’s decision to swap equity for Bitcoin marks a significant shift in market strategy. The move raised the company’s market capitalization to approximately $223 million, reflecting strong investor interest.

This exchange not only affects Scilex’s financial positioning but also sets a precedent in the industry for corporate adoption of Bitcoin as part of a treasury strategy. Institutional crypto advisors like Biconomy.com played a crucial role.

The move to diversify treasury holdings aligns with broader trends observed among public companies utilizing Bitcoin as a hedge against economic instability, mirroring prior actions seen from companies like MicroStrategy.

Potential regulatory scrutiny could arise as the company bypasses public registration, employing Section 4(a)(2) of the Securities Act for the private placement. Such strategies may influence future regulatory conversations around digital asset treasury management.

“The decision to diversify our treasury into Bitcoin reflects a strategic pivot towards digital asset management and blockchain integration, aligning with current market trends.” – Ainvest