Another publicly traded company has joined the growing ranks of firms incorporating cryptocurrencies into their treasury strategies.
On Dec. 20, biopharmaceutical company Quantum BioPharma (QNTM) disclosed the purchase of $1 million worth of Bitcoin (BTC) and other cryptocurrencies. The company’s shares on the Nasdaq were down nearly 10% following the announcement.
QNTM performance on the Nasdaq. Source: Google Finance
Quantum BioPharma is also listed on the Canadian Securities Exchange and on the Frankfurt Stock Exchange. The company offers biotech solutions for the treatment of a variety of disorders, including neurodegenerative diseases, metabolic syndromes, and alcohol misuse disorders.
“The company is now set up to receive financing in cryptocurrencies as well as executing other types of transactions in cryptocurrencies,” Quantum said in a statement, without disclosing the tokens compounding its crypto portfolio.
An increasing number of non-crypto businesses are turning to cryptocurrencies to diversify their assets and hedge against inflation.
The latest US Consumer Price Index (CPI) data indicates that inflation rose by 2.7% year-over-year in November 2024, up from 2.6% in October, aligning with market expectations. On a monthly basis, the CPI increased by 0.3% in November, marking the most significant rise in seven months.
US core inflation rate. Source: Trading Economics
In November, the wellness and plant-based e-commerce Jiva Technologies approved a plan to invest up to $1 million in BTC, citing its potential as an inflation-resistant store of value.
A day before, on Nov. 25, video-sharing platform Rumble revealed plans to incorporate Bitcoin into its balance sheet. The board of directors approved the allocation of up to $20 million from the company’s excess cash reserves to BTC.
Hoth Therapeutics, another biopharma company, added $1 million in Bitcoin to its treasury on Nov. 20.
MicroStrategy has embraced this strategy since 2020, becoming the largest corporate holder of Bitcoin with 439,000 BTC as of December 2024.
Related: A Bitcoin Reserve Act may end crypto’s 4-year boom-bust cycle
Think Thank pushes Bitcoin agenda
Corporate giants like Microsoft and Amazon have faced pressure to add Bitcoin to their treasuries under claims of potential hedge against inflation.
In December, the National Center for Public Policy Research, a Washington, DC-based think tank, submitted shareholder proposals to Amazon and Microsoft, urging them to consider adopting a Bitcoin corporate treasury strategy in their upcoming meetings.
Microsoft shareholders voted against the resolution during the firm’s annual meeting on Dec. 10. The board described the suggestion as “unnecessary” and said the company “already carefully considers this topic.”
Amazon’s shareholders will likely evaluate the proposal during a shareholder meeting in April 2025.
The National Center for Public Policy Research is said to be working on more Bitcoin proposals for 2025, arguing that promoting the cryptocurrency’s adoption aligns with their “pro-freedom” agenda.
Related: Why tech giants like Amazon may hesitate to adopt Bitcoin