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The biopharmaceutical institution bought $1 cardinal of Bitcoin and different cryptocurrencies, taking its full crypto holdings to $4.5 million.
Quantum Biopharma has purchased an further $1 cardinal worthy of Bitcoin and different cryptocurrencies, the Canadian biotechnology institution said.
The buys instrumentality Quantum’s full cryptocurrency holdings to astir $4.5 million, according to a May 19 property release. The biotech institution plans to involvement a information of its crypto to make revenue.
Quantum expects that holding a treasury of Bitcoin (BTC) and different crypto assets volition “provide a instrumentality connected concern for shareholders and […] supply immoderate hedge against the Canadian dollar,” it said.
Shares of Quantum’s stock, QNTM, roseate by astir 25% pursuing the announcement, according to data from Google Finance.
Quantum Biopharma’s banal roseate connected the announcement. Source: Google FinanceRelated: Basel Medical shares down 15% connected $1B Bitcoin buying plans
Popular treasury strategy
Quantum is 1 of respective healthcare companies accumulating Bitcoin arsenic firm crypto treasuries go progressively popular.
In March, NASDAQ-listed biopharmaceutical institution Atai Life Sciences tipped plans to bargain $5 cardinal worthy of Bitcoin.
In a March 20 X post, Atai’s founder, Christian Angermayer, said “Bitcoin should beryllium a portion of ANY firm treasury – especially, successful fact, successful the biotech sector.”
Angermayer added successful a blog post that Bitcoin tin assistance the biotech hedge against ostentation and enactment solvent during the agelong periods earlier cause approvals.
Corporate treasuries are present large Bitcoin holders. Source: Bitcointreasuries.netOn May 16, Singapore-based healthcare institution Basel Medical Group announced plans to bargain $1 cardinal worthy of Bitcoin.
It said a Bitcoin treasury volition enactment its plans to grow successful Asia done acquisitions by giving Basel “one of the strongest equilibrium sheets among Asia-focused healthcare providers.”
Unlike Quantum, however, Basel’s shares dropped importantly connected the time of the announcement.
Collectively, firm treasuries clasp much than $83 cardinal successful Bitcoin arsenic of May 19, according to information from BitcoinTreasuries.NET.
Publicly traded companies are present the largest organization Bitcoin holders aft exchange-traded funds (ETFs), the information shows.
Bitcoin tin “potentially beryllium a invaluable hedge against increasing fiscal deficits, currency debasement, and geopolitical risks” for companies, plus manager Fidelity Digital Assets said successful a 2024 report.
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