Quantum Biopharma bolsters Bitcoin treasury

Quantum Biopharma has purchased an additional $1 million worth of Bitcoin and other cryptocurrencies, the Canadian biotechnology company said.The buys take Quantums total cryptocurrency holdings to approximately $4.5 million, according to a May 19 press release.The biotech company plans to stake a portion of its crypto to generate revenue.Quantum expects that holding a treasury of Bitcoin (BTC) and other crypto assets will provide a return on investment for shareholders and [] provide some hedge against the Canadian dollar, it said.Shares of Quantums stock, QNTM, rose by approximately 25% following the announcement, according to data from Google Finance.Quantum Biopharmas stock rose on the announcement. Source: Google FinanceRelated: Basel Medical shares down 15% on $1B Bitcoin buying plansPopular treasury strategyQuantum is one of several healthcare companies accumulating Bitcoin as corporate crypto treasuries become increasingly popular.In March, NASDAQ-listed biopharmaceutical company Atai Life Sciences tipped plans to buy $5 million worth of Bitcoin.In a March 20 X post, Atais founder, Christian Angermayer, said Bitcoin should be a part of ANY corporate treasury especially, in fact, in the biotech sector.Angermayer added in a blog post that Bitcoin can help the biotech hedge against inflation and stay solvent during the long periods before drug approvals.Corporate treasuries are now major Bitcoin holders. Source: Bitcointreasuries.netOn May 16, Singapore-based healthcare company Basel Medical Group announced plans to buy $1 billion worth of Bitcoin.It said a Bitcoin treasury will support its plans to expand in Asia through acquisitions by giving Basel one of the strongest balance sheets among Asia-focused healthcare providers.Unlike Quantum, however, Basels shares dropped significantly on the day of the announcement.Collectively, corporate treasuries hold more than $83 billion in Bitcoin as of May 19, according to data from BitcoinTreasuries.NET.Publicly traded companies are now the largest institutional Bitcoin holders after exchange-traded funds (ETFs), the data shows. Bitcoin can potentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks for companies, asset manager Fidelity Digital Assets said in a 2024 report.Magazine:Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee