Hoth Therapeutics and Acurx Pharmaceuticals Invest $1M in Bitcoin as Treasury Asset

Hoth Therapeutics and Acurx Pharmaceuticals have each decided to allocate $1 million to Bitcoin. This move reflects a growing trend among businesses to view Bitcoin as a reliable financial asset.

Hoth Therapeutics: Bitcoin as a Hedge Against Inflation

Hoth Therapeutics, a biopharmaceutical company, will invest $1 million in Bitcoin. The company sees Bitcoin as a hedge against inflation and a safe store of value. The board of directors approved this strategy, which aligns with an increasing adoption of Bitcoin in the market. CEO Robb Knie mentioned that Bitcoin’s resistant qualities to inflation and the rise of exchange-traded funds (ETFs) influenced this decision.

Acurx Pharmaceuticals: Inspired by MicroStrategy

Acurx Pharmaceuticals plans to invest up to $1 million in Bitcoin. The board approved this plan to manage cash that will not be needed in the next 12 to 18 months. CEO David P. Luci stated that as Bitcoin gains popularity and acceptance, it could serve as a strong treasury reserve asset. He noted Bitcoin’s limited supply and inflation-resistant characteristics align with the company’s financial strategy. Importantly, this decision will not affect Acurx’s drug development plans.

Both companies’ decisions mark a notable shift in how businesses incorporate Bitcoin into their treasury strategies, following examples set by companies like MicroStrategy, Tesla, and Block.