Nasdaq-listed Acurx Invests $1 Million in Bitcoin

Acurx's $1 Million Bitcoin Investment Is a Major Shift in How Money Flows Are Handled.

The Nasdaq-listed biotech company is one of many investing in Bitcoin, a strategy that fits into a broader pattern of companies adapting to the rising support and volatility of the cryptocurrency market.

According to Acurx when researching the Bitcoin market: “As demand for Bitcoin increases, and its acceptance as a major and important asset class also increases, we believe Bitcoin will serve as a strong treasury reserve asset for unnecessary cash in the next 12 to 18 months,” David P. Luci  , Chairman and CEO of Acurx, stated.

Following the announcement, Acurx shares rose 6.6% to $1.78 before the market opened. Acurx's Bitcoin investment strategy shows new ways to allocate assets intelligently.

“With the recent approval of a Bitcoin ETF and growing support from government agencies and institutional investors, this is a great addition to our Bitcoin investment strategy. Bitcoin’s limited supply and anti-inflationary characteristics provide a useful store of value,” said Luci.

Acurx’s Bitcoin investment comes from the company’s founders, David P. Luci and Robert J. DeLuccia, who founded Acurx Pharmaceuticals in 2017. They focus on creating new antibiotics for difficult-to-treat bacterial infections.

Acurx claimed the Bitcoin investment move was a financial strategy and did not affect the company's overall drug development plans, telling investors that its core business remains the same.