Quantum Biopharma has purchased an additional $1 million worth of Bitcoin and other cryptocurrencies, the Canadian biotechnology company said.\u00a0<\/p>\n
The buys take Quantum\u2019s total cryptocurrency holdings to approximately $4.5 million, according<\/a> to a May 19 press release.\u00a0The biotech company plans to stake a portion of its crypto to generate revenue.\u00a0<\/p>\n Quantum expects that holding a treasury of Bitcoin (BTC<\/a>) and other crypto assets will \u201cprovide a return on investment for shareholders and [\u2026] provide some hedge against the Canadian dollar,\u201d it said<\/a>.\u00a0<\/p>\n Shares of Quantum\u2019s stock, QNTM, rose by approximately 25% following the announcement, according to data<\/a> from Google Finance.\u00a0<\/p>\n Quantum Biopharma\u2019s stock rose on the announcement. Source: <\/em>Google Finance<\/em><\/a><\/p>\n Related: <\/strong><\/em>Basel Medical shares down 15% on $1B Bitcoin buying plans<\/strong><\/em><\/a><\/p>\n Quantum is one of several healthcare companies accumulating Bitcoin as corporate crypto treasuries become increasingly popular.\u00a0<\/p>\n In March, NASDAQ-listed biopharmaceutical company Atai Life Sciences tipped plans to buy $5 million worth of Bitcoin<\/a>.\u00a0<\/p>\n In a March 20 X post<\/a>, Atai\u2019s founder, Christian Angermayer, said \u201cBitcoin should be a part of ANY corporate treasury \u2013 especially, in fact, in the biotech sector.\u201d<\/p>\n Angermayer added in a blog post<\/a> that Bitcoin can help the biotech hedge against inflation and stay solvent during the long periods before drug approvals.\u00a0<\/p>\n Corporate treasuries are now major Bitcoin holders. Source: <\/em>Bitcointreasuries.net<\/em><\/a><\/p>\n On May 16, Singapore-based healthcare company Basel Medical Group announced plans to buy $1 billion worth of Bitcoin<\/a>.\u00a0<\/p>\n It said a Bitcoin treasury will support its plans to expand in Asia through acquisitions by giving Basel \u201cone of the strongest balance sheets among Asia-focused healthcare providers.\u201d<\/p>\n Unlike Quantum, however, Basel\u2019s shares dropped significantly on the day of the announcement.<\/p>\n Collectively, corporate treasuries hold more than $83 billion in Bitcoin as of May 19, according <\/a>to data from BitcoinTreasuries.NET.\u00a0<\/p>\n Publicly traded companies are now the largest institutional Bitcoin holders after exchange-traded funds (ETFs), the data shows. <\/p>\n Bitcoin can \u201cpotentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks\u201d for companies, asset manager Fidelity Digital Assets said<\/a> in a 2024 report.<\/p>\nPopular treasury strategy<\/h3>\n