Quantum Biopharma has purchased an additional $1 million worth of Bitcoin and other cryptocurrencies, the Canadian biotechnology company said.
The buys take Quantum’s 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 Quantum’s stock, QNTM, rose by approximately 25% following the announcement, according to data from Google Finance.
Quantum Biopharma’s stock rose on the announcement. Source: Google Finance
Related: Basel Medical shares down 15% on $1B Bitcoin buying plans
Popular treasury strategy
Quantum is one of several healthcare companies accumulating Bitcoin as corporate crypto treasuries become increasingly popular.
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