As a seasoned researcher with a keen eye for market trends, I find it fascinating to witness the growing acceptance of Bitcoin by public companies, particularly those in the biotech sector like Anixa Biosciences. This move is not only a testament to the evolving perception of Bitcoin as a mainstream asset class but also a strategic financial decision aimed at bolstering shareholder value.
Biotechnology company, Anixa Biosciences, specializing in cancer research, revealed intentions to bolster its financial approach by investing in Bitcoin, aiming to boost the worth of its shareholders.
In a press release on November 22nd, the biotech company based in San Jose announced their decision to invest a section of their funds into Bitcoin (BTC). They cited the digital currency’s distinctive and resilient properties against inflation as the reason for this move.
In a press release dated November 22nd, Anixa Biosciences announced that their board has given the green light to this move as part of a wider plan to expand their investment portfolio. The company highlighted their robust financial status, boasting a solid cash reserve, which enables them to engage in strategic financial ventures such as investing in Bitcoin, all while continuing to progress clinical trials and ensuring shareholder profits.
Given the rising acceptance of Bitcoin as a conventional investment option, we think incorporating it into our reserves makes strategic sense. The green light given to Bitcoin ETFs and growing involvement of institutional investors underscores its significance in international financial markets.
Mike Catelani, president and CFO of Anixa
Amit Kumar, CEO of Anixa, emphasized their methodical strategy for handling finances. He explained that investing in Bitcoin is an extra measure to wise financial management, contributing significantly to increased shareholder worth. This revelation led to a surge of 7.84% in Anixa’s shares during pre-market trading.
Public companies rush to embrace Bitcoin as treasury asset
The move aligns with a growing trend among public companies incorporating Bitcoin into their financial strategies. Artificial intelligence firm Genius Group recently also announced $4 million in BTC purchases, raising its holdings to 153 BTC as part of its “Bitcoin-first” strategy to allocate 90% or more of its reserves to the cryptocurrency.
Alongside firms like MicroStrategy and Acurx, listed on Nasdaq, have increased their investments in Bitcoin. They see it as a valuable asset for safeguarding against inflation and a technology-backed store of worth that’s worth capitalizing on.
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2024-11-22 17:07