Quantum Biopharma has bought a further $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 accordance 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 belongings will “present a return on funding for shareholders and […] present some hedge in opposition to the Canadian greenback,” it mentioned.
Shares of Quantum’s inventory, QNTM, rose by roughly 25% following the announcement, in line with information 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 corporations accumulating Bitcoin as company crypto treasuries change 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 submit, Atai’s founder, Christian Angermayer, mentioned “Bitcoin ought to be part of ANY company treasury – particularly, in truth, within the biotech sector.”
Angermayer added in a weblog submit that Bitcoin will help the biotech hedge in opposition to inflation and keep solvent through the lengthy durations earlier than drug approvals.
On Could 16, Singapore-based healthcare firm Basel Medical Group introduced plans to purchase $1 billion value of Bitcoin.
It mentioned a Bitcoin treasury will assist its plans to develop in Asia by way of 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 Could 19, in accordance to information from BitcoinTreasuries.NET.
Publicly traded corporations at the moment are the biggest institutional Bitcoin holders after exchange-traded funds (ETFs), the information exhibits.
Bitcoin can “doubtlessly be a precious hedge in opposition to rising fiscal deficits, foreign money debasement, and geopolitical dangers” for corporations, asset supervisor Constancy Digital Belongings mentioned in a 2024 report.
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