Quantum Biopharma has bought an extra $1 million value of Bitcoin and different cryptocurrencies, the Canadian biotechnology firm mentioned.
The buys take Quantum’s whole cryptocurrency holdings to roughly $4.5 million, in response to a Might 19 press launch. The biotech firm plans to stake a portion of its crypto to generate income.
Quantum expects that holding a treasury of Bitcoin (BTC) and different crypto belongings will “present a return on funding for shareholders and […] present some hedge towards the Canadian greenback,” it mentioned.
Shares of Quantum’s inventory, QNTM, rose by roughly 25% following the announcement, in response to knowledge from Google Finance.
Associated: Basel Medical shares down 15% on $1B Bitcoin shopping for plans
Standard treasury technique
Quantum is one in every of a number of healthcare firms accumulating Bitcoin as company crypto treasuries develop into more and more fashionable.
In March, NASDAQ-listed biopharmaceutical firm Atai Life Sciences tipped plans to purchase $5 million value of Bitcoin.
In a March 20 X publish, Atai’s founder, Christian Angermayer, mentioned “Bitcoin needs to be part of ANY company treasury – particularly, in actual fact, within the biotech sector.”
Angermayer added in a weblog publish that Bitcoin may help the biotech hedge towards inflation and keep solvent throughout the lengthy durations earlier than drug approvals.
On Might 16, Singapore-based healthcare firm Basel Medical Group introduced plans to purchase $1 billion value of Bitcoin.
It mentioned a Bitcoin treasury will help its plans to increase in Asia by acquisitions by giving Basel “one of many strongest steadiness sheets amongst Asia-focused healthcare suppliers.”
Not like Quantum, nonetheless, Basel’s shares dropped considerably on the day of the announcement.
Collectively, company treasuries maintain greater than $83 billion in Bitcoin as of Might 19, in response to knowledge from BitcoinTreasuries.NET.
Publicly traded firms are actually the most important institutional Bitcoin holders after exchange-traded funds (ETFs), the information exhibits.
Bitcoin can “probably be a helpful hedge towards rising fiscal deficits, forex debasement, and geopolitical dangers” for firms, asset supervisor Constancy Digital Property mentioned in a 2024 report.
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