According to PANews, Silo Pharma, Inc., a Nasdaq-listed biopharmaceutical company, has announced its board's approval to purchase $1 million worth of Bitcoin as a treasury reserve asset. Silo's CEO, Eric Weisblum, stated that incorporating Bitcoin into their balance sheet is a strategic move aimed at diversifying assets and including a digital value storage tool with significant growth potential. The acquisition of Bitcoin is intended to hedge against inflation and is expected to help Silo maintain and enhance long-term shareholder value.

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