Source: Google FinanceRelated: Basel Medical shares down 15% on $1B Bitcoin buying plansPopular treasury strategyQuantum is one of several healthcare companies accumulating Bitcoin as corporate crypto treasuries become increasingly popular. In March, NASDAQ-listed biopharmaceutical company Atai Life Sciences tipped plans to buy $5 million worth of Bitcoin. In a March 20 X post, Atai’s founder, Christian Angermayer, said “Bitcoin should be a part of ANY corporate treasury – especially, in fact, in the biotech sector.”Angermayer added in a blog post that Bitcoin can help the biotech hedge against inflation and stay solvent during the long periods before drug approvals. Corporate treasuries are now major Bitcoin holders.
Quantum Biopharma has purchased an additional $1 million worth of Bitcoin and other cryptocurrencies, the Canadian biotechnology company said. The buys take Quantum’s total cryptocurrency holdings to approximately $4.5 million, according to a May 19 press release. The biotech company plans to stake a portion of its crypto to generate revenue. Quantum expects that holding a treasury of Bitcoin (BTC) and other crypto assets will “provide a return on investment for shareholders and […] provide some hedge against the Canadian dollar,” it said. Shares of Quantum’s stock, QNTM, rose by approximately 25% following the announcement, according to data from Google Finance. Quantum Biopharma’s stock rose on the announcement.
Source: Bitcointreasuries.netOn May 16, Singapore-based healthcare company Basel Medical Group announced plans to buy $1 billion worth of Bitcoin. It said a Bitcoin treasury will support its plans to expand in Asia through acquisitions by giving Basel “one of the strongest balance sheets among Asia-focused healthcare providers.”Unlike Quantum, however, Basel’s shares dropped significantly on the day of the announcement.
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Author / Journalist: Cointelegraph by Alex O’Donnell
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