As a seasoned analyst with over two decades of experience in the financial industry, I find Acurx Pharmaceuticals’ decision to invest in Bitcoin as a treasury reserve asset intriguing. Given my background, I’ve witnessed firsthand the transformation of traditional finance and its gradual integration with digital assets.
Acurx Pharmaceuticals, a publicly-traded biopharma firm, announced its intention to invest in Bitcoin, purchasing up to one million dollars’ worth of the cryptocurrency to serve as a part of their treasury reserves.
Acurx Pharmaceuticals, a biopharmaceutical firm specializing in the creation of novel antibiotics for tough-to-treat bacterial diseases, has decided to invest up to $1 million in Bitcoin (BTC) as a “cryptocurrency reserve asset” on their financial records.
As a researcher, I’m sharing an update based on a press release from a New York-based company, where they announced a newly approved strategy involving Bitcoin. This strategy aims to capitalize on Bitcoin’s unique qualities, positioning it as a “practical store of value.” It’s important to note that this financial strategy does not alter their primary focus, which remains the development of drugs, as emphasized by the company’s president and CEO, David P. Luci.
With increasing demand and recognition of Bitcoin as a significant and fundamental investment category, we’re convinced that Bitcoin can function effectively as a robust reserve asset for cash not expected to be utilized within the next 12 to 18 months. The recent authorization of Bitcoin ETFs and the growing endorsement from government bodies and institutional investors make it an attractive component in our treasury planning strategy.
David P. Luci
Acurx shares jump 6% following Bitcoin acquisition plan
Established in 2017 by David P. Luci and Robert J. DeLuccia, Acurx Pharmaceuticals is a biopharmaceutical company that specializes in creating innovative antibiotics to combat hard-to-treat bacterial infections, with a focus on Gram-positive pathogens.
2021 saw the company’s initial public offering, and its stocks are now traded on the Nasdaq exchange under the symbol ACXP. Upon this announcement, Acurx shares experienced a 6.6% increase, reaching $1.78 in pre-market trading, as indicated by data provided by Nasdaq.
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2024-11-21 11:14