Public Biopharmaceutical Company Acurx Pharmaceuticals Plans to Buy $1 Million Worth of Bitcoin

Acurx Pharmaceuticals, a biopharmaceutical company developer new antibiotics for hard-to-treat bacterial infections, is set to purchase up to $1 million in Bitcoin

Biopharmaceutical company Acurx Pharmaceuticals (NASDAQ:ACXP) is set to purchase up to $1 million in Bitcoin (CRYPTO: BTC) to hold the apex cryptocurrency as a “treasury reserve asset” on its balance sheet.

The board-approved strategy will see the New York-headquartered company leverage Bitcoin’s characteristics, which will provide a “functional store of value,” the company said in a press release on Saturday.

“As demand for Bitcoin grows, and so does its acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset for cash not needed over the next 12 to 18 months,” said David P. Luci, Acurx Pharmaceuticals president and chief executive.

“With the recent approval of Bitcoin ETFs and the growing support from government agencies and institutional investors, it is a great addition to our treasury strategy.”

The biopharmaceutical company’s move into Bitcoin comes as several companies are showing interest in the cryptocurrency. Earlier this year, Block Inc (NYSE:SQ) said it will allow users of its Cash App to send Bitcoin payments to friends and family members via email.

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Acurx Pharmaceuticals, founded in 2017, is a late-stage biopharmaceutical company that develops novel antibiotics targeting difficult-to-treat bacterial infections, particularly Gram-positive pathogens.

The company is focused on advancing its lead product candidate, Ibezapolstat, through late-stage clinical development and regulatory approval.

Acurx Pharmaceuticals began trading on Nasdaq in 2021. Following the latest news, Acurx shares rose 6.6%, trading at $1.78 in pre-market trading, according to data from Nasdaq.