Acurx Pharmaceuticals to add up to $1 million in bitcoin for treasury reserve, following MicroStrategy’s playbook

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Acurx Pharmaceuticals to add up to $1 million in bitcoin for treasury reserve, following MicroStrategy’s playbook

Thomas Trutschel | Photothek | Getty Images

The board of Acurx Pharmaceuticals approved Wednesday the purchase of up to $1 million in bitcoin to hold as a treasury reserve asset.

Shares of the the company were last lower by more than 6% after spiking about 8% in premarket trading.

“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” CEO David P. Luci said in a statement.

“Its limited supply and inflation-resistant characteristics provide a functional store of value,” he added. “This new treasury strategy is a finance strategy and has no impact on our overarching ***** development plans.”

The move takes a page out of MicroStrategy’s playbook. In 2020, the enterprise software company famously adopted bitcoin as its primary treasury reserve asset, acquiring 21,454 bitcoins at roughly $11,653 each – just before the bull run a few months later. MicroStrategy has aggressively bought more bitcoin since then, as recently as this week, bringing its total to 331,200 bitcoins. Its stock is up more than 500% for 2024.

Bitcoin adoption by corporate treasurys is an important but slow-growing catalyst for crypto. The cryptocurrency is trading at all-time highs, and it’s widely expected to double by the end of 2025 thanks to President-elect Donald Trump’s promise of a more crypto-friendly environment for businesses.

With that regulatory overhang expected to lift next year, investors are keeping a watchful eye for the next big company after to begin buying bitcoin. Tesla and Block followed MicroStrategy in 2021. Another smaller company, Semler Scientific, did so this year.

On an X spaces event Tuesday evening, MicroStrategy Chairman and bitcoin evangelist Michael Saylor said he plans to pitch the board of

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in December on his bitcoin treasury strategy.

The theme has broadened to the government level this year, with Sen. Cynthia Lummis proposing a national strategic bitcoin reserve this summer. President-elect Trump similarly made mention of a potential national bitcoin stockpile in the same week.

The price of bitcoin is up 122% this year.

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