DeSci Meets Biotech as Sei Explores 23andMe Acquisition
Just a day after 23andMe received court approval to pursue asset sales, the Sei Foundation announced plans to potentially acquire the bankrupt genetic testing firm in what it calls its “boldest DeSci bet yet.”
The Foundation argues the move is necessary to preserve the genetic privacy of over 15 million Americans, noting that such sensitive data could otherwise fall into the hands of buyers who don't prioritize transparency or user control.
Aims: Blockchain Integration and Data Sovereignty
If acquired, 23andMe’s data would be moved onchain via the Sei blockchain. The Foundation says it would return data control to users, enabling encrypted transfers and options for revenue sharing through monetization.
"This isn’t just about saving a company," the Sei Foundation wrote. "It’s about safeguarding genetic data for future generations."
Background on 23andMe Bankruptcy
23andMe filed for Chapter 11 bankruptcy on March 23. Its most valuable asset remains its vast repository of consumer DNA and medical data. The company needs at least $214 million from the sale to cover debts before any payout to shareholders.
23andMe stock rose 45% following the Sei Foundation’s interest, closing at $0.77. The SEI token also posted a 1.1% gain to $0.21.
A New Frontier for DeSci
DeSci, or decentralized science, leverages web3 tools to fund and democratize science. In January, the Sei Foundation launched Sapien Capital, a $65 million venture fund supporting DeSci projects on its blockchain.
