Anixa Biosciences wants to boost the value of its shares and make its financial plan stronger by buying in Bitcoin.
On November 22, the San Jose-based biotech company released a press release in which it declared its intention to allocate a portion of its treasury to Bitcoin, citing its “unique inflation-resistant qualities.”
According to a news release from Anixa, the action was authorized by its board and is part of a broader strategy to diversify its capital holdings.
The biotech company emphasized its “powerful balance sheet and excess capital,” which allow it to pursue strategic financial initiatives, such as diversifying its holdings with Bitcoin, in addition to prioritizing the advancement of clinical trials and shareholder returns.
“We see Bitcoin as a fantastic way to diversify our Treasury Reserve strategy, especially as it becomes more widespread as an asset class. The increasing participation of institutional investors and the licensing of Bitcoin ETFs underscore its growing significance in global markets.”
The Bitcoin allocation is an “additional approach to prudent financial management, facilitating greater shareholder value,” as Anixa’s chief executive, Amit Kumar, emphasized the company’s methodical approach to financial management.
According to Mike Catelani, the president and chief financial officer of Anixa, the company’s shares experienced a 7.84% increase in pre-market trading subsequent to the announcement. Public enterprises promptly implement Bitcoin as a treasury asset.
The action is consistent with the growing number of publicly traded corporations that are incorporating Bitcoin into their financial plans.
The artificial intelligence firm Genius Group recently announced $4 million in Bitcoin acquisitions, thereby increasing its holdings to 153 BTC, as part of its “Bitcoin-first” strategy, which seeks to allocate 90% or more of its assets to the cryptocurrency.
Other businesses, including Nasdaq-listed Acurx and MicroStrategy, have also increased their cryptocurrency holdings in order to capitalize on Bitcoin’s potential as an inflation hedge and a store of value that encourages technical innovation.
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