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The board of Acurx Prescribed drugs on Wednesday permitted the acquisition of as much as $1 million in bitcoin to carry as a treasury reserve asset.
Shares of the corporate had been final decrease by greater than 6% after spiking about 8% in premarket buying and selling.
“As demand for bitcoin grows, and so does its acceptance as a serious and first asset class, we imagine that bitcoin will function a robust treasury reserve asset for money not wanted over the following 12 to 18 months,” CEO David P. Luci stated in a press release.
“Its restricted provide and inflation-resistant traits present a useful retailer of worth,” he added. “This new treasury technique is a finance technique and has no impression on our overarching drug growth plans.”
The transfer takes a web page out of MicroStrategy’s playbook. In 2020, the enterprise software program firm famously adopted bitcoin as its major treasury reserve asset, buying 21,454 bitcoins at roughly $11,653 every, simply earlier than the bull run just a few months later. MicroStrategy has aggressively purchased extra bitcoin since then, as just lately as this week, bringing its whole to 331,200 bitcoins. Its inventory is up greater than 500% for 2024.
Bitcoin adoption by company treasurys is a crucial however slow-growing catalyst for crypto. The cryptocurrency is buying and selling at all-time highs, and it’s broadly anticipated to double by the top of 2025 on account of President-elect Donald Trump’s promise of a extra crypto-friendly surroundings for companies.
With that regulatory overhang anticipated to carry subsequent yr, traders are conserving a watchful eye for the following large firm to start shopping for bitcoin. Tesla and Block adopted MicroStrategy in 2021. One other smaller firm, Semler Scientific, did so this yr.
On an X areas occasion Tuesday night, MicroStrategy Chairman and bitcoin evangelist Michael Saylor stated he plans to pitch the board of Microsoft in December on his bitcoin treasury technique.
The theme has broadened to the federal government stage this yr, with Sen. Cynthia Lummis proposing a nationwide strategic bitcoin reserve this summer season. Trump equally made point out of a possible nationwide bitcoin stockpile in the identical week.
The worth of bitcoin is up 122% this yr.
