Hoth Therapeutics and Acurx Pharmaceuticals have each announced plans to allocate $1 million to Bitcoin as part of their treasury strategies, reflecting the growing interest in Bitcoin among businesses as a financial asset.
Hoth Therapeutics: Bitcoin as a Hedge Against Inflation
Hoth Therapeutics, a clinical-stage biopharmaceutical company, will allocate $1 million into Bitcoin, citing its potential as a hedge against inflation and a store of value.
The company’s board of directors approved the move, which aligns with a broader trend of Bitcoin adoption.
Hoth’s CEO, Robb Knie, highlighted Bitcoin’s inflation-resistant characteristics and cited the approval of exchange-traded funds (ETFs) and increased market activity as influencing factors.
Acurx Pharmaceuticals: Inspired by MicroStrategy
Similarly, Acurx Pharmaceuticals plans to allocate up to $1 million to Bitcoin. The board approved the strategy to manage cash not needed over the next 12 to 18 months.
“As demand for Bitcoin grows, and so does its acceptance as a major and primary asset class, we believe that bitcoin will serve as a strong treasury reserve asset,” said Acurx CEO David P. Luci.
He added that Bitcoin’s limited supply and inflation-resistant qualities align with the company’s financial strategy, noting this decision will not impact its drug development plans.
The decisions by Hoth and Acurx reflect a growing trend of businesses adopting Bitcoin for treasury strategies, following examples set by MicroStrategy, Tesla, and Block.