(RTTNews) - Acurx Pharmaceuticals Inc.'s (ACXP) Board of Directors has approved the purchase of up to $1 million in Bitcoin to hold as a treasury reserve asset.
The decision, made on November 20, 2024, reflects the company's strategy to invest in Bitcoin due to its growing demand and acceptance as a primary asset class.
The company believes Bitcoin's inflation-resistant characteristics and limited supply make it a strong store of value for funds not needed in the next 12 to 18 months.
This move is part of its broader financial strategy and will not affect its ongoing drug development plans.
The company's lead product candidate is Ibezapolstat, a phase III-ready compound, under development for the treatment of patients with C. difficile Infection.
ACXP closed Thursday's trading at $1.30, down 6.47 %. In premarket trading today, the stock is up by 9.23 % at $1.42.
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