Acurx Pharmaceuticals to Add $1 Million in Bitcoin to Balance Sheet

Acurx Pharmaceuticals, a Nasdaq-listed biopharmaceutical company focused on developing antibiotics for difficult-to-treat bacterial infections, has announced plans to purchase up to $1 million worth of Bitcoin. The company intends to hold the cryptocurrency as a “treasury reserve asset” on its balance sheet. This strategic move was approved by Acurx’s board of directors and is part of the company’s broader financial strategy.

In a press release on November 20, Acurx emphasized that this Bitcoin acquisition aligns with the company’s objective of utilizing Bitcoin’s unique characteristics as a reliable store of value. Acurx’s president and CEO, David P. Luci, clarified that this decision is part of the company’s financial strategy and would not impact its primary focus on drug development.

Luci explained, “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. 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.”

This move positions Acurx alongside other major companies that have added Bitcoin to their balance sheets as a way to hedge against inflation and manage cash reserves more efficiently. The decision reflects Bitcoin’s increasing acceptance as a mainstream asset class.

Acurx Shares Surge Following Announcement

The announcement of Acurx’s plan to add Bitcoin to its treasury was met with a positive market response. The company’s shares surged by 6.6% in pre-market trading, reaching $1.78 per share, according to Nasdaq data. This rise in stock price suggests strong investor confidence in Acurx’s financial strategy, despite the company remaining primarily focused on the development of novel antibiotics to treat Gram-positive bacterial infections.

Founded in 2017, Acurx Pharmaceuticals went public in 2021 and trades on Nasdaq under the ticker ACXP. The company’s decision to incorporate Bitcoin into its treasury strategy highlights an evolving trend among companies to diversify their financial portfolios with digital assets, a move that many see as an inflation-resistant strategy in an uncertain global economic environment.

As the biopharmaceutical sector continues to focus on developing new treatments, Acurx’s latest move into the cryptocurrency market demonstrates its proactive approach to financial innovation and a forward-looking stance in the rapidly growing intersection between traditional finance and digital currencies.