In a notable development, biopharmaceutical companies have unveiled plans to purchase $1 million worth of Bitcoins amid heightened institutional interest, sparking market speculation.
Hoth Therapeutics will buy $1 million worth of BTC
Hoth Therapeutics, a patient-focused biopharmaceutical company, announced today in a press release press release that the company’s Board of Directors has approved the purchase of up to $1 million worth of Bitcoin.
“As Bitcoin continues to grow and gain investor attention and acceptance as a major and primary asset class, we believe Bitcoin will serve as a strong treasury reserve,” said Robb Kine, CEO of Hoth.
He further added that with the recent adoption 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 nature makes it a reliable asset as a functional store of value.
Biotech companies are going big for Bitcoin
In addition, Acurx Pharmaceuticals, a Nasdaq-listed biotech company revealed that the board of directors has approved the purchase of up to $1 million in bitcoin to be held as a treasury reserve.
CEO David Luci noted in a Nov. 20 press release: “As demand for bitcoin grows, and so does its adoption as a major and primary asset class, we believe bitcoin will serve as a strong treasury reserve for cash that will not be necessary for the next 12 years. up to 18 months.”
Luci pointed to the SEC’s approval of Bitcoin ETFs earlier this year and growing support from government agencies and institutional investors as justification for his Bitcoin decision.
Another company, Enlivex Therapeutics Ltd., does too announced The company’s board of directors’ approval of the purchase of up to $1 million worth of bitcoin as part of its cash management strategy reflects similar sentiments.
Bitcoin continues to gain traction
The news could give Bitcoin another major boost as it continues to draw attention on Wall Street and globally for its value as a store of wealth and as an inflation hedge. Bitcoin recently reached new all-time highs above $94,000, driven by a Trump victory in the 2024 US elections. In recent weeks, BTC has surpassed the market cap of silver and Saudi Aramco.