Quantum Biopharma has acquired an additional $1 million in Bitcoin and other cryptocurrencies, boosting its total crypto holdings to around $4.5 million. The Canadian biotech firm intends to use some of its crypto assets for staking to generate revenue and hedge against the Canadian dollar.
Following the announcement, Quantum's stock, QNTM, surged by approximately 25%. Similarly, other healthcare companies like Atai Life Sciences and Basel Medical Group have also disclosed plans to invest millions in Bitcoin. These companies believe that holding Bitcoin in their treasuries can help them hedge against inflation and strengthen their financial positions.
Despite the growing trend of corporate treasuries investing in Bitcoin, Basel Medical Group experienced a drop in its shares after announcing its $1 billion Bitcoin purchase plan. Overall, corporate treasuries collectively hold over $83 billion in Bitcoin, making publicly traded companies the largest institutional holders of the cryptocurrency.