In a recent strategic move signaling the growing acceptance of digital assets, Acurx Pharmaceuticals has announced plans to incorporate Bitcoin into their treasury reserves. The company is set to allocate up to $1 million worth of the cryptocurrency, showcasing a growing trend among corporations seeking to diversify their financial strategies amidst Bitcoin’s mainstream rise.
The decision was approved by the company’s board of directors today, and it aligns with a strategy recently adopted by businesses worldwide. Bitcoin’s growing demand and acceptance as a primary asset class has significantly increased its appeal as a treasury reserve asset.
Acurx CEO David P. Luci, in his statement, explained the decision’s rationale, stating, “As demand for Bitcoin grows and Bitcoin becomes accepted as a major and primary asset class, we believe Bitcoin will serve as a strong treasury reserve asset for unneeded cash over the next 12 to 18 months. Its limited supply and inflation-resistant properties make it a functional store of value.”
Mr. Luci took care to emphasize that this move is purely a financial strategy that does not in any way affect the company’s ongoing drug development efforts.
Acurx’s recent decision mirrors that of MicroStrategy, which first incorporated Bitcoin into its treasury reserves in 2020. MicroStrategy purchased 21,454 BTC at an average price of $11,653 per coin. Since then, the company has continued to accumulate Bitcoin, reaching a total of 331,200 BTC as of this week. The company’s stock is projected to rise by over 500% by 2024, demonstrating the success of its Bitcoin-focused approach.
Acurx’s announcement comes at a time when Bitcoin is trading at all-time highs. Analysts are predicting further gains, especially given President-elect Donald Trump’s promises of a crypto-friendly regulatory environment.
As corporations continue to explore alternative financial strategies, Bitcoin’s attractiveness as a treasury reserve asset is likely to increase further. Acurx’s move could very well catalyze more companies into considering such strategies, contributing to Bitcoin’s continued growth and acceptance as a mainstream asset class.
*This is not investment advice. The article aims to provide information and does not encourage readers to make investment decisions based on the information provided. Always seek the advice of a financial advisor or conduct thorough research before making any investment decisions.
