Key Points
- Acurx Pharmaceuticals intends to purchase up to $1 million in Bitcoin as a “treasury reserve asset”.
- The company’s shares rose by 6% following the announcement of the Bitcoin acquisition plan.
Acurx Pharmaceuticals, a public biopharmaceutical company, has announced its intention to acquire up to $1 million in Bitcoin (BTC) to maintain as a “treasury reserve asset”.
Bitcoin as a Treasury Reserve Asset
The company, which specializes in developing new antibiotics for difficult-to-treat bacterial infections, will hold the cryptocurrency on its balance sheet. The decision was announced in a Nov. 20 press release. The company believes that leveraging Bitcoin’s characteristics will provide a functional store of value.
David P. Luci, president and CEO of Acurx Pharmaceuticals, stated that this new treasury strategy is a financial strategy and will not affect the company’s drug development plans. He further added that as the demand and acceptance of Bitcoin grows as a major asset class, it will serve as a strong treasury reserve asset for cash not needed over the next 12 to 18 months.
Acurx Shares Surge Post Announcement
Acurx Pharmaceuticals, co-founded by David P. Luci and Robert J. DeLuccia in 2017, focuses on developing novel antibiotics targeting hard-to-treat bacterial infections. The company went public in 2021 and is listed on Nasdaq under the ticker ACXP.
Following the announcement of the Bitcoin acquisition plan, Acurx shares experienced a surge, rising by 6.6% to $1.78 in pre-market trading, as per Nasdaq data.
