# EDGAR Filing Document

**Accession Number:** 0001558569
**File Stem:** 0000000000-25-010309
**Filing Date:** 2025-9
**Character Count:** 9612
**Document Hash:** aaafe479fd6cdb001be7403a6696770c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-010309.hdr.sgml**: 20260702

**ACCESSION NUMBER**: 0000000000-25-010309

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250922

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iSpecimen Inc.
- **CENTRAL INDEX KEY:** 0001558569
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 270480143
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-289725

**BUSINESS ADDRESS:**
- **STREET 1:** 8 CABOT ROAD
- **STREET 2:** SUITE 1800
- **CITY:** WOBURN
- **STATE:** MA
- **ZIP:** 08101
- **BUSINESS PHONE:** 781-301-6700

**MAIL ADDRESS:**
- **STREET 1:** 8 CABOT ROAD
- **STREET 2:** SUITE 1800
- **CITY:** WOBURN
- **STATE:** MA
- **ZIP:** 08101
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-078951

## Text-Extract

```

                                                             September 22, 2025

Robert Bradley Lim
Chief Executive Officer
iSpecimen Inc.
8 Cabot Road, Suite 1800
Woburn, MA 08101

       Re: iSpecimen Inc.
           Amendment No. 2 to Registration Statement on Form S-1
           Filed September 8, 2025
           File No. 333-289725
Dear Robert Bradley Lim:

     We have reviewed your amended registration statement and have the
following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments. Unless
we note
otherwise, any references to prior comments are to comments in our August 29,
2025 letter.

Amendment No. 2 to Registration Statement on Form S-1 filed September 8, 2025
Risk Factors
Risks Related to Our Corporate Treasury Initiative and Digital Assets, page 33

1.     Please add risk factor disclosure addressing the possibility that a
determination that
       your Solana is being offered and sold as a security could lead to your
classification as
       an "investment company" under the Investment Company Act of 1940 and the
       associated risks and potential consequences.
Our plan to establish a Solana-based corporate treasury program . . ., page 33

2.     Please revise your risk factor disclosure to address potential impacts
to the price of
       Solana such as competition from other crypto assets and the level of
adoption of
       Solana relative to other crypto assets. Additionally, please provide
quantitative
 September 22, 2025
Page 2

       information that demonstrates the volatility of Solana.
Our purchase strategy may expose us to additional risks, including illiquidity
associated with
"Locked SOL", page 33

3.     Revise your statement here that you "may" acquire Locked Solana to
instead state that
       you intend to acquire Locked Solana, if true. Please also expand on your
disclosure
       regarding "Locked SOL" to explain the process by which these tokens
would become
       "unlocked" and freely tradable. Please explain whether the contractual
transfer or
       vesting restrictions are expected to vary between different lots of
Locked Solana and
       if you plan to adopt any policies or procedures regarding the applicable
restrictions
       on the Locked Solana you purchase.
Business
Corporate Treasury Initiative, page 50

4.     Provide further disclosure explaining the material aspects of Solana. In
that regard:
           Describe the use case for Solana including its intended purpose,
use,
          and function.
           Provide a discussion of Solana "tokenomics" discussing the past and
current
          supply of Solana, how new Solana is created, any burn mechanism, and
any
          inflationary or deflationary mechanism.
           Include a discussion of the Solana ecosystem and a description of
the lifecycle of
          the Solana token.
           Provide more detailed risk factor disclosure addressing the material
risks related
          to Solana and its ownership.
5.     Please identify the third-party custodians you intend to use to store
any Solana you
       acquire. If you have not yet identified any custodians, disclose the
material aspects of
       the custody arrangements you intend to use, to the extent known, and
discuss whether
       you intend to have a custodial arrangement in place prior to the
acquisition of any
       Solana. In that regard, we note your press release filed as Exhibit 99.1
to your Form 8-
       K filed August 7, 2025 that states that "BlockArrow employs such a
layered security
       model including offline cold storage, insured custody through Coinbase
Custody, and
       institutional-grade risk controls. Coinbase Custody's insurance coverage
extends to
       risks such as theft, damage, or operational failures."
6.     Please expand your disclosure to disclose whether you intend to hedge
your Solana
       exposure. If so, please describe your hedging strategy.
7.     We note that your press release filed as Exhibit 99.1 to your Form 8-K
filed
       September 4, 2025, states that you "plan for the Solana to be staked
including liquid
       staking tokenization to increase yields for shareholders in the
long-term." Please
       revise to address the following comments:
           Expand your disclosure to provide a materially complete description
of your plans
           to stake Solana, engage in liquid staking, and any other methods by
which you
           intend to generate yield. Without limitation and to the extent
applicable, your
           disclosure should address the mechanics of the process, the
participants involved,
           and how awards are determined or other profits generated as well as
any risks
 September 22, 2025
Page 3

           associated with staking and other income-generating strategies and
the impact of
           those risks to investors. Also disclose your policies and procedures
for your
           staking plans, including, for example, how much of your Solana you
intend to
           stake and how any agreement with a staking provider will operate.
             Revise to disclose with specificity the bonding and unbonding
periods associated
           with staking Solana, discuss how they affect liquidity and disclose
the material
           terms of any policies and procedures you have in place to manage
liquidity in this
           regard.
             Provide risk factor disclosure addressing the liquidity risks of
your staking plans
           and your plans to purchase locked Solana.
             Add a risk factor to address the additional counterparty risks if
you pursue
           strategies to create income streams or otherwise generate funds
using your Solana
           holdings.
8.    Discuss how you intend to generate profit through your long term Solana
treasury
      strategy, if you have any plans to generate profit other than through
staking.
General

9.    We note your Form 8-K filed September 4, 2025, and Exhibit 99.1 filed
thereto
      indicate that you will pursue a strategy of establishing a Solana-based
treasury
      program and engaging in other crypto asset related activities. Please
revise to further
      describe the extent to which you intend to focus on crypto asset related
activities over
      your primary business operations as a "global marketplace platform" of
"patients,
      biospecimens, and data for research." Include appropriate risk factor
disclosure
      concerning this separate strategy.
10.   Discuss the material aspects of your plans to engage in crypto asset
related activities
      other than your planned Solana treasury. In that regard:
          Discuss your plans for purchasing crypto assets other than Solana. We
note your
          press release filed as Exhibit 99.1 to your Form 8-K filed August 7,
2025 refers to
          "plans to initially select Solana," and your press release filed as
Exhibit 99.1 to
          your Form 8-K filed September 4, 2025 states that "iSpecimen has been
          approached by several Crypto currency-related companies that have
presented
          opportunities in tokenized real-world assets as well as among highly
ranked
          cryptocurrencies."
          Discuss the material aspects of your plans to engage in spot trading,
including
          what percentage of your treasury you intend to allocate to spot
trading. Your press
          release filed as Exhibit 99.1 to your Form 8-K filed September 4,
2025 states that
          "[you] also plan to partially diversify [y]our Solana holding and
allow a small
          percentage for spot trading."
 September 22, 2025
Page 4

      Please contact Nicholas O'Leary at 202-551-4451 or Katherine Bagley at
202-551-
2545 with any questions.

                                                        Sincerely,

                                                        Division of Corporation
Finance
                                                        Office of Industrial
Applications and
                                                        Services
cc:   Ross D. Carmel, Esq.

```

### Attached PDF Documents

**Attachment 1:** `filename1`

_No text found in this document._