2024

Bitcoin

Million

<p>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.</p>   
<h2 class="wp-block-heading" id="h-hoth-therapeutics-to-buy-1m-in-btc">Hoth Therapeutics To Buy $1M In BTC</h2>   
<p>Hoth Therapeutics, a patient-focused biopharmaceutical company, today announced in a <a href="https://www.prnewswire.com/news-releases/hoth-therapeutics-board-of-directors-approves-bitcoin-as-treasury-reserve-asset-302311213.html">press release</a> that the Company's Board of Directors approved the purchase of up to $1 million in Bitcoin.</p>   
<blockquote class="wp-block-quote">
  
 <p>"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.&nbsp;</p> 
</blockquote>   
<p>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.</p>   
<h2 class="wp-block-heading" id="h-biotechs-going-big-for-bitcoin">Biotechs Going Big For Bitcoin</h2>   
<p>Additionally, Acurx Pharmaceuticals, a Nasdaq-listed biotech also <a href="https://www.morningstar.com/news/pr-newswire/20241120ny61052/acurx-board-of-directors-approves-bitcoin-as-treasury-reserve-asset">revealed </a>that its board of directors has approved the purchase of up to $1 million in bitcoin to hold as a treasury reserve asset.&nbsp;</p>   
<blockquote class="wp-block-quote">
  
 <p>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.” </p> 
</blockquote>   
<p>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.&nbsp;</p>   
<p>Another firm, Enlivex Therapeutics Ltd., also <a href="https://www.globenewswire.com/news-release/2024/11/20/2984382/0/en/Enlivex-Adopts-Bitcoin-Treasury-Reserve-Strategy.html#:~:text=(Nasdaq%3A%20ENLV%2C%20the%20%E2%80%9C,of%20its%20cash%20management%20strategy.">announced </a>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.</p>   
<h2 class="wp-block-heading" id="h-bitcoin-continues-gaining-traction-nbsp">Bitcoin Continues Gaining Traction&nbsp;</h2>   
<p>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.</p>

Biotechs Going Big On BTC; Hoth Therapeutics To Buy $1 Million In Bitcoin

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