In a remarkable development, biopharmaceutical companies have revealed plans to buy $1 Million worth of Bitcoins, amidst heightened institutional interest, which has sparked market speculations.
Hoth Therapeutics, a patient-focused biopharmaceutical company, today announced in a press release that the Company’s Board of Directors approved the purchase of up to $1 million in Bitcoin.
“As Bitcoin continues to grow, gaining investor attention and acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset,” said Robb Kine, CEO of Hoth.
He further added that with the recent approval of Bitcoin ETFs and increasing activity from institutional investors, this move will be a strong addition to their treasury strategy. He noted that Bitcoin’s inflation-resistant characteristic makes it a reliable asset as a functional store of value.
Additionally, Acurx Pharmaceuticals, a Nasdaq-listed biotech also revealed that its board of directors has approved the purchase of up to $1 million in bitcoin to hold as a treasury reserve asset.
CEO David Luci in a November 20 release noted that “As demand for bitcoin grows, and so does its acceptance as a major and primary asset class, we believe that bitcoin will serve as a strong treasury reserve asset for cash not needed over the next 12 to 18 months.”
Luci pointed out the SEC’s approval of Bitcoin ETFs earlier this year and the growing support from government agencies and institutional investors as a justification for its Bitcoin decision.
Another firm, Enlivex Therapeutics Ltd., also announced the Company’s Board approval for the purchase of up to $1 million of bitcoin as part of its cash management strategy, voicing similar sentiments.
The news could provide another significant boost for Bitcoin as it continues to attract attention on Wall Street and globally for its value as a store of wealth and an inflation hedge. Bitcoin recently hit new all-time highs above $94,000, driven by a Trump victory in the 2024 U.S. election. In recent weeks, BTC has surpassed the market capitalization of silver and Saudi Aramco.
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