Acurx Pharmaceuticals, a late-stage biopharmaceutical firm focusing on antibiotic development, announced its decision to invest $1 million in Bitcoin as a treasury reserve asset.
This move, approved by the company’s Board of Directors, aligns with their strategy to safeguard surplus cash for the next 12 to 18 months. David P. Luci, the company’s President & CEO, highlighted Bitcoin’s limited supply and inflation-resistant properties, emphasizing its potential as a reliable store of value.
He also noted the growing adoption of Bitcoin among institutions and government bodies, attributing the decision to recent advancements like Bitcoin ETF approvals. Importantly, Luci clarified that this financial strategy would not affect the company’s core drug development initiatives.
Biopharmaceutical Companies Embrace Bitcoin
Notably, Acurx is not alone in this shift. Hoth Therapeutics, another biopharmaceutical company, also announced its approval of up to $1 million in Bitcoin purchases. CEO Robb Kine pointed to institutional acceptance and improved regulatory clarity as key factors behind the move.
In addition, Semler Scientific, a healthcare solutions company, has significantly expanded its Bitcoin holdings. The firm recently purchased 47 additional bitcoins for $3 million, using operational cash flow.
Semler has invested $71 million into Bitcoin since adopting this strategy in May 2024, accumulating 1,058 bitcoins by November 4, 2024. This decision reflects the company’s ongoing efforts to diversify its treasury reserves, demonstrating a long-term commitment to the cryptocurrency.
MicroStrategy’s Influence and Broader Adoption
The trend resembles a precedent set by MicroStrategy, which adopted Bitcoin as its primary treasury asset in 2020. The software firm initially acquired 21,454 bitcoins at an average price of $11,653 each.
As of this week, the company’s holdings have grown to 331,200 bitcoins, reflecting its aggressive acquisition strategy. MicroStrategy’s stock has surged over 500% in 2024, further supporting Bitcoin’s appeal as a corporate reserve asset.
With cryptocurrency trading at all-time highs and President-elect Donald Trump promising a crypto-friendly business environment, corporate interest in Bitcoin continues to grow.
Senator Cynthia Lummis has proposed a national Bitcoin reserve, signaling wider governmental consideration. Bitcoin ETFs and corporate strategies like these point to a growing shift toward mainstream cryptocurrency adoption.
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