Pharmaceutical company Acurx Pharmaceuticals announced Wednesday that its board has approved the purchase of up to $1 million worth of Bitcoin to be held as a treasury reserve asset. This decision follows a trend initiated by MicroStrategy in 2020, and signals growing corporate interest in Bitcoin as a treasury asset.
Acurx’s stock price saw volatile movement following the announcement, initially spiking by approximately 8% in premarket trading before closing down over 6%.
CEO David P. Luci justified the move in a statement, citing Bitcoin’s growing demand and acceptance as a major asset class. He emphasized Bitcoin’s “limited supply and inflation-resistant characteristics” as providing a functional store of value, and clarified that this financial strategy will not impact the company’s drug development plans.
Acurx’s strategy mirrors that of MicroStrategy, which famously adopted Bitcoin as its primary treasury reserve asset in 2020, acquiring 21,454 Bitcoins at an average price of around $11,653 per coin just before a significant price surge. MicroStrategy has continued to aggressively accumulate Bitcoin, most recently this week, bringing its total holdings to 331,200 Bitcoins. This strategy has contributed to MicroStrategy’s stock price increasing by over 500% in 2024.
While corporate adoption of Bitcoin as a treasury asset remains a relatively slow-growing trend, it is considered an important catalyst for the cryptocurrency’s growth. Bitcoin is currently trading at all-time highs, and some analysts predict a potential doubling in price by the end of 2025, fueled by expectations of a more crypto-friendly regulatory environment under President-elect Donald Trump.
With anticipated regulatory changes next year, investors are watching for which major company will be the next to embrace Bitcoin as a treasury asset. Tesla and Block followed MicroStrategy’s lead in 2021, and smaller company Semler Scientific joined them this year.
MicroStrategy Chairman and Bitcoin advocate Michael Saylor revealed in an X (formerly Twitter) Spaces event on Tuesday evening that he intends to present his Bitcoin treasury strategy to Microsoft’s board in December.
The concept of Bitcoin reserves has even reached the government level, with Senator Cynthia Lummis proposing a national strategic Bitcoin reserve this summer, an idea echoed by President-elect Trump in the same week.
