A purchase of $1 million in Bitcoin and other cryptocurrencies was made by the biopharmaceutical firm, bringing the total value of its crypto holdings to $4.5 million.
An additional $1 million in Bitcoin and other cryptocurrencies has been acquired by Quantum Biopharma, according to a statement issued by the Canadian biotechnology firm.
According to a press release dated May 19, Quantum’s total cryptocurrency holdings have been brought to approximately $4.5 million through the recent acquisitions. A portion of these digital assets is planned to be staked by the biotech firm in order to generate additional revenue.
It is expected by Quantum that maintaining a treasury consisting of Bitcoin and other cryptocurrency assets will “deliver a return on investment for shareholders and serve as a partial hedge against the Canadian dollar,” the company stated.
According to data from Google Finance, a rise of approximately 25% was recorded in the stock price of Quantum (QNTM) following the announcement.
Rising Trend in Corporate Treasury Management
Bitcoin is being accumulated by Quantum as part of a growing trend among healthcare companies, with corporate crypto treasuries gaining increased popularity.
Plans to purchase $5 million worth of Bitcoin were disclosed in March by Atai Life Sciences, a biopharmaceutical firm listed on NASDAQ.
In a post published on X on March 20, it was stated by Atai’s founder, Christian Angermayer, that “Bitcoin should be included in ANY corporate treasury – particularly, in fact, within the biotech sector.”
It was further noted by Angermayer in a blog post that Bitcoin may be utilized by biotech firms as a hedge against inflation and to maintain solvency throughout the extended periods typically required for drug approvals.
Plans to acquire $1 billion worth of Bitcoin were announced on May 16 by Basel Medical Group, a healthcare company headquartered in Singapore.
It was stated that a Bitcoin treasury would be used to support Basel’s expansion plans across Asia through acquisitions, helping to establish “one of the strongest balance sheets among Asia-focused healthcare providers.”
In contrast to Quantum, a significant decline in Basel’s share price was observed on the day the announcement was made.
As of May 19, over $83 billion in Bitcoin is being held collectively by corporate treasuries, according to data provided by BitcoinTreasuries.NET.
According to the data, publicly traded companies have become the largest institutional holders of Bitcoin, following exchange-traded funds (ETFs).
In a 2024 report, it was stated by asset manager Fidelity Digital Assets that Bitcoin could “potentially serve as a valuable hedge against rising fiscal deficits, currency debasement, and geopolitical uncertainties” for companies.
