Public biopharmaceutical company Acurx Pharmaceuticals said it plans to buy up to $1 million worth of Bitcoin to hold as a “treasury reserve asset.”

Acurx Pharmaceuticals, a biopharmaceutical company developer new antibiotics for hard-to-treat bacterial infections, is set to purchase up to $1 million in Bitcoin (BTC) to hold the cryptocurrency as a “treasury reserve asset” on its balance sheet.

In a Nov. 20 press release, the New York-headquartered company said the board-approved strategy will be beneficial for it as it leverages Bitcoin’s characteristics, which will provide a “functional store of value.” Acurx Pharmaceuticals president and chief utive David P. Luci said the new treasury strategy is a “finance strategy and has no impact on our overarching drug development plans.”

“As demand for Bitcoin grows, and so does its acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset for cash not needed over the next 12 to 18 months. With the recent approval of Bitcoin ETFs and the growing support from government agencies and institutional investors, it is a great addition to our treasury strategy.”

David P. Luci

Acurx shares jump 6% following Bitcoin acquisition plan

Founded in 2017 by David P. Luci and Robert J. DeLuccia, Acurx Pharmaceuticals is a late-stage biopharmaceutical company specializing in the development of novel antibiotics targeting difficult-to-treat bacterial infections, particularly Gram-positive pathogens.

The company went public in 2021 and trades on Nasdaq under the ticker ACXP. Amid the news, Acurx shares soared 6.6% up to $1.78 on pre-market trading, according to data from Nasdaq.