Hoth Therapeutics intends to purchase up to $1 million worth of Bitcoin - Latest View

Hoth Therapeutics intends to purchase up to $1 million worth of Bitcoin

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Hoth Therapeutics, a publicly traded biopharmaceutical company, has adopted Bitcoin (BTC) as a treasury asset.

The clinical-stage biopharmaceutical company announced on November 20 that its board of directors has approved adding Bitcoin to its balance sheet. In the first step of this important step, Hoth Therapeutics will buy up to $1 million worth of Bitcoin, according to details in a report. press release.

Big move as Huth bought Bitcoin

Huth points to Bitcoin's appeal as an investment asset, global adoption and increasing institutional buying as key to her decision. Bitcoin ETFs and Options approvalIncreased ETF inflows and assets as well as strategic Bitcoin reserve plans have also supported many platforms.

The Hoth management team also viewed BTC as a way to hedge against inflation and store value as important features.

“As Bitcoin continues to grow, gaining investor interest and acceptance as a mainstream and premier asset class, we believe Bitcoin will serve as a strong treasury reserve asset,” said Rob Knee, CEO of Huth.

“With the recent approval of Bitcoin ETFs and increased institutional investor activity, it is a strong addition to our treasury strategy. We believe its inflation-resistant properties may make it a reliable asset as a functional store of value,” Kenny added.

Huth's move comes as MicroStrategy, the company that has held huge amounts of Bitcoin since its first purchase in 2020, has added to its holdings with… Purchase worth $4.6 billion. Other companies, including Asia's MicroStrategy Metaplanet, are looking to follow suit.

endowments, Retirement funds Family offices are among those that have taken a serious look at Bitcoin.

Meanwhile, Bitcoin price rose to all-time highs above $94,000 amid positive sentiment since Donald Trump's re-election. Analysts say the benchmark cryptocurrency asset will surpass $100,000 and go parabolic in the coming months.

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