Most cancers-focused biotech Anixa Biosciences introduced plans to spend money on Bitcoin to strengthen its monetary technique and improve shareholder worth.
The San Jose-based biotech agency said in a Nov. 22 press launch that it’ll allocate a portion of its treasury to Bitcoin (BTC), citing the asset’s “distinctive inflation-resistant qualities.”
In a Nov. 22 press launch, Anixa mentioned the transfer has been authorised by its board as a part of a broader technique to diversify its money holdings. The biotech agency emphasised its “sturdy stability sheet and extra money,” which permits it to pursue strategic monetary initiatives, together with diversifying treasury holdings with Bitcoin whereas sustaining its concentrate on advancing medical trials and shareholder returns.
“With Bitcoin’s rising recognition as a mainstream asset class, we imagine it represents a invaluable addition to our treasury reserve technique. The approval of Bitcoin ETFs and growing participation from institutional traders spotlight its rising significance in international markets.”
Mike Catelani, president and CFO of Anixa
Anixa’s chief government Amit Kumar highlighted the agency’s disciplined strategy to monetary administration, stating that the Bitcoin allocation is an “extra strategy to prudent monetary administration, enabling larger shareholder worth.” Following the announcement, Anixa shares soared 7.84% in pre-market buying and selling.
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Public corporations rush to embrace Bitcoin as treasury asset
The transfer aligns with a rising development amongst public corporations incorporating Bitcoin into their monetary methods. Synthetic intelligence agency Genius Group not too long ago additionally introduced $4 million in BTC purchases, elevating its holdings to 153 BTC as a part of its “Bitcoin-first” technique to allocate 90% or extra of its reserves to the cryptocurrency.
Different corporations, together with MicroStrategy and Nasdaq-listed Acurx, have additionally expanded their Bitcoin holdings to capitalize on its function as a hedge in opposition to inflation and a retailer of worth supporting technological innovation.
Learn extra: Public health tools maker Interactive Energy shares rise 11% on Bitcoin treasury technique
