Biotechs Going Big On BTC; Hoth Therapeutics To Buy $1 Million In BTC Amid Growing Institutional Interest
In a notable development, a biopharmaceutical company has announced plans to buy $1 million worth of Bitcoin, sparking market speculation amid rising institutional interest.
Hoth Therapeutics will buy $1 million in BTC
Hoth Therapeutics, a patient-focused biopharmaceutical company, announced today in a statement Press release The company’s board of directors approved the purchase of up to $1 million in Bitcoin.
Robb Kine, CEO of Hoth, said: “As Bitcoin continues to grow and gain investor attention and acceptance as a major asset class, we believe Bitcoin will become a powerful reserve asset for treasuries.”
He further added that with the recent approval of Bitcoin ETF and increased activity from institutional investors, the move will be a strong addition to their financial strategies. He noted that Bitcoin’s anti-inflation properties make it a reliable asset that can serve as a functional store of value.
Biotech firms make big move into Bitcoin
In addition, Nasdaq-listed biotech company Acurx Pharmaceuticals also disclose Its board of directors has approved the purchase of up to $1 million in Bitcoin as a treasury reserve asset.
CEO David Luci stated in a press release on November 20, “As demand for Bitcoin grows, and its acceptance as a major asset class increases, we believe Bitcoin will become unnecessary over the next 12 years. Strong treasury reserve assets of cash to 18 months. Luci pointed to the U.S. Securities and Exchange Commission’s approval of a Bitcoin ETF earlier this year, as well as growing support from government agencies and institutional investors, as reasons for its Bitcoin decision.
Another company, Enlivex Therapeutics Ltd., also Announce The company’s board of directors approved the purchase of up to $1 million in Bitcoin as part of its cash management strategy and expressed similar sentiments.
Bitcoin continues to gain traction
The news could give Bitcoin another major boost as it continues to attract attention from Wall Street and the world for its value as a store of wealth and an inflation hedge.
Bitcoin recently hit an all-time high above $94,000, driven by Trump’s victory in the 2024 US election. In recent weeks, Bitcoin’s market cap has surpassed that of silver and Saudi Aramco.
