Quantum Biopharma has bought an extra $1 million value of Bitcoin and different cryptocurrencies, the Canadian biotechnology firm stated.
The buys take Quantum’s complete cryptocurrency holdings to roughly $4.5 million, according to a Could 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 property will “present a return on funding for shareholders and […] present some hedge in opposition to the Canadian greenback,” it said.
Shares of Quantum’s inventory, QNTM, rose by roughly 25% following the announcement, based on data from Google Finance.
Associated: Basel Medical shares down 15% on $1B Bitcoin buying plans
Common treasury technique
Quantum is one in all a number of healthcare firms accumulating Bitcoin as company crypto treasuries develop into more and more well-liked.
In March, NASDAQ-listed biopharmaceutical firm Atai Life Sciences tipped plans to buy $5 million worth of Bitcoin.
In a March 20 X post, Atai’s founder, Christian Angermayer, stated “Bitcoin needs to be part of ANY company treasury – particularly, the truth is, within the biotech sector.”
Angermayer added in a weblog post that Bitcoin can assist the biotech hedge in opposition to inflation and keep solvent throughout the lengthy durations earlier than drug approvals.
On Could 16, Singapore-based healthcare firm Basel Medical Group introduced plans to buy $1 billion worth of Bitcoin.
It stated a Bitcoin treasury will help its plans to broaden in Asia by way of acquisitions by giving Basel “one of many strongest stability sheets amongst Asia-focused healthcare suppliers.”
Not like Quantum, nevertheless, Basel’s shares dropped considerably on the day of the announcement.
Collectively, company treasuries maintain greater than $83 billion in Bitcoin as of Could 19, according to information from BitcoinTreasuries.NET.
Publicly traded firms at the moment are the most important institutional Bitcoin holders after exchange-traded funds (ETFs), the info exhibits.
Bitcoin can “probably be a useful hedge in opposition to rising fiscal deficits, forex debasement, and geopolitical dangers” for firms, asset supervisor Constancy Digital Property said in a 2024 report.
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