The Sei Foundation is exploring an acquisition of 23andMe, one day after the genetic testing company received court approval to pursue a sale of its assets. The nonprofit, which supports the Sei blockchain, described the move as its “boldest DeSci bet yet.”
The foundation cited “user data sovereignty” as a national security concern in a post on X.
“When an American biotech pioneer faces bankruptcy, personal genomic data of millions becomes vulnerable to parties that may not share the same values of transparency and open access,”
It said.
The announcement followed 23andMe’s March 23 filing for Chapter 11 bankruptcy. Under the terms, any asset sale must generate at least $214 million to satisfy creditors before shareholders receive any proceeds. On Wednesday, a judge cleared the company to begin marketing its assets—primarily its customer DNA and ancestry data—to potential buyers.
The Sei Foundation says it aims to defend the genetic privacy of 15 million Americans. Its plan includes deploying 23andMe’s data infrastructure onto the Sei blockchain, enabling encrypted, confidential transfers, and giving users control over how their data is monetized.
“If the acquisition proceeds,” the foundation wrote, “users will share in the revenue their data generates.”
The move would mark a major push into decentralized science, or DeSci, an emerging sector that applies web3 technologies to scientific processes. In January, the Sei Foundation launched Sapien Capital, a $65 million fund backing DeSci startups building on the Sei network.
The foundation emphasized that its proposal is not a bailout. “This isn’t just about saving a company,” it said, “it’s about building a future where your most personal data remains yours to control.”
Since going public in 2021, 23andMe has struggled financially and never posted a profit. The company’s market capitalization stood at $21 million on Thursday after its stock surged 45% to close at $0.77. Its most valuable assets are the genetic records of millions of users, which some regulators have urged the public to delete amid bankruptcy concerns.
The potential acquisition coincided with a modest rise in SEI, the native token of the Sei network. The token climbed as much as 3% following the news before trimming some gains. It was trading at $0.21 as of Thursday, with a fully diluted market value of $2.1 billion.
Sei Foundation said further updates on the 23andMe proposal will follow.
