The publicly traded company Scilex Holding will exchange $200 million worth of Bitcoin through a stock swap.

On September 23, medical company Scilex Holding Company (NASDAQ: SCLX) today announced that it has signed a securities purchase agreement ("SPA") with an institutional investor to exchange $200 million of common stock of Semnur Pharmaceuticals, Inc. ("Semnur") (OTC: SMNR, SMNRW) for $200 million of Bitcoin (BTC). According to the agreement, the institutional investor will purchase a total of 12,500,000 shares of Semnur common stock from Scilex at a price of $16.00 per share (this price may be adjusted for stock splits, dividends, capital reorganizations, restructurings, stock reclassifications, mergers, reverse stock splits, or other similar events). Under the terms of the agreement, the transaction is subject to customary delivery conditions, including the accuracy of representations and warranties made by both parties and the performance of their respective obligations, and is expected to be completed around September 23, 2025.