Silo Pharma, Inc., a development-stage biopharmaceutical company with a market capitalization of $4.12 million, has announced the decision of its Board of Directors to invest up to $1 million in Bitcoin as part of its treasury reserves. The move aims to diversify the company's assets by incorporating a digital store of value, which they believe has considerable appreciation potential.
Eric Weisblum, CEO of Silo Pharma, stated that the acquisition of Bitcoin is designed to act as a hedge against inflation and potentially enhance shareholder value in the long term.
This strategic decision to buy Bitcoin reflects Silo Pharma's approach to managing its treasury reserves and is based on a press release issued by the company. The company has not disclosed further details regarding the timing or structure of the Bitcoin purchase.