Biotech with a strong interest in BTC; Hoth Therapeutics Buys $1 Million in Bitcoin
In a notable development, biopharmaceutical companies revealed plans to purchase $1 million worth of Bitcoin amid growing institutional interest, sparking market speculation.
Hoth Therapeutics Purchases $1 Million in BTC
Hoth Therapeutics, a patient-focused biopharmaceutical company, announced today in a press release that the company’s Board of Directors has approved the purchase of up to $1 million in Bitcoin.
“As Bitcoin continues to grow and gain investor interest and acceptance as a major asset class, we believe it will serve as a strong treasury reserve asset,” said Robb Kine, CEO of Hoth.
He also added that with the recent approval of Bitcoin ETFs and increased activity from institutional investors, this move would be a strong addition to their financial strategies. He pointed out that Bitcoin’s inflation-resistant properties make it a reliable asset as a functional store of value.
Biotechnology Growing Big with Bitcoin
Additionally, Nasdaq-listed biotech company Acurx Pharmaceuticals said its board of directors has approved the purchase of up to $1 million in Bitcoin to hold as a treasury reserve asset.
“As demand for Bitcoin grows and its acceptance as a major asset class, we believe Bitcoin will serve as a strong treasury reserve asset for unneeded cash over the next 12 years,” CEO David Luci said in a November 20 announcement. I believe it will. “Up to 18 months.”
Luci pointed to the SEC’s approval of the Bitcoin ETF earlier this year and growing support from government agencies and institutional investors as justification for the Bitcoin decision.
Another company, Enlivex Therapeutics Ltd., expressed similar sentiments, announcing the company’s board of directors’ approval to purchase up to $1 million in Bitcoin as part of its cash management strategy.
Bitcoin continues to gain traction
The news could give Bitcoin another significant boost as it continues to gain attention on Wall Street and globally for its value as a store of wealth and inflation hedge. Bitcoin recently hit an all-time high, surpassing $94,000, thanks to Trump’s victory in the 2024 U.S. election. In recent weeks, BTC has surpassed the market capitalization of silver and Saudi Aramco.