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ENDRA Life Sciences (NDRA) on Monday announced an aggregate of $4.9 million in commitments for a private placement, which was led by institutional and cryptocurrency investors.

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The investors have agreed to buy 744,340 shares of common stock or prefunded warrants, and accompanying warrants under the agreement, Endra said. If all warrants are fully exercised for cash, the company will receive up to $14.4 million in proceeds, it said. The offering is expected to close on or about October 14.

The proceeds of the placement will be used to launch a digital asset treasury strategy managed by digital asset manager Arca Investment Management, the company said. ENDRA also intends to accumulate cryptocurrency and complete the TAEUS pilot validation imaging study focused on certain chronic liver conditions. Thermo Acoustic Enhanced UltraSound, or TAEUS, is a technology being developed by the company to assess tissue fat content and monitor tissue ablation during minimally invasive procedures.

The company also announced on Monday that it intends to add Arca’s Chief Investment Officer, Jeff Dorman, to its Digital Asset Advisory Board. The firm believes its new digital asset treasury strategy can compound returns and create flexible income to reinvest into cryptocurrency.

NDRA shares traded 24% higher at the time of writing. On Stocktwits, retail sentiment around the stock rose from ‘bearish’ to ‘extremely bullish’ territory over the past 24 hours, while message volume rose from ‘high’ to ‘extremely high’ levels.

NDRA stock is up by 28% this year and by 10% over the past 12 months. 

Read also: <Why Did Tvardi Therapeutics Stock Plummet 87% Pre-Market Today?<

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