Acurx Pharmaceuticals approves $1 million Bitcoin purchase as a treasury reserve, aligning with the growing trend of corporate Bitcoin adoption.
Acurx Pharmaceuticals, a biopharmaceutical company focused on developing antibiotics for hard-to-treat bacterial infections, has made a notable financial move. The company’s Board of Directors has approved purchasing up to $1 million in Bitcoin to serve as a Treasury reserve asset. This decision aligns with the recent development where companies are integrating Bitcoin in their financial planning.
According to David P. Luci, the President and CEO of Acurx, there are more demands for Bitcoin and its recognition as one of the largest asset classes. He said that because of its scarcity and anti-inflation properties, Bitcoin is the perfect medium to store cash. The company wants to retain the Bitcoin reserve for the next 12 to 18 months. Speaking to Luci on the matter, he was keen to point out that this move is strictly a financial one and will not impact Acurx’s ongoing drug development programs.
This decision is made against an increasing trend towards the Bitcoin’s recognition, such as the NASDAQ approval of Bitcoin ETFs’ exchange and the support from numerous institutional and government organizations. This means that as the use of Bitcoin rises, it is gradually being perceived as a viable currency to traditional reserve money such as cash. Acurx’s buying of Bitcoin is in this regard though the company feels it will enhance the treasury position.
Acurx and Industry Peers Embrace Bitcoin as Treasury Reserve
Acurx is not an exception to this by making the shift. Another player in the biopharmaceutical industry, Hoth Therapeutics, has also signed off on acquiring as much as $1 million in Bitcoin. Hoth sees Bitcoin as a great asset for the treasury thanks to the
inflation-adjustment property. This decision shows that the company believes in the permanence of Bitcoin as an asset.
In the same way, battery materials provider Solidion Technology has recently changed its Treasury policy. The company intends to put some of its cash holdings into Bitcoin, thinking it is a good inflation hedge. That many more companies are including Bitcoin into their treasury management is indicative of a growing trend within the sphere of businesses.
For instance, education company based on artificial intelligence, the Genius Group Limited, has decided to use Bitcoin as a main treasury reserve currency. This way, Genius Group is following the trend of more and more companies to integrate the usage of digital assets such as Bitcoin into their operations.
Lastly, the fact that more and more companies decide to use Bitcoin as a treasury asset is a new trend in corporate finance. Like many other businesses, Acurx Pharmaceuticals is starting to appreciate BTC as a store of value and a means to protect against inflation. This shows that Bitcoin is slowly finding its way into becoming a common asset that corporations factor into their balance sheets.
