Acurx Pharmaceuticals Inc. has decided to take a bold financial step, pledging up to $1 million toward bitcoin (BTC) as a treasury reserve asset. This move signals a pivot in financial strategy for the late-stage biopharmaceutical company.
Biopharma Firm Acurx Adopts Bitcoin for Treasury Strategy
The board of directors at Acurx Pharmaceuticals (NASDAQ: ACXP) greenlit the purchase, aiming to safeguard cash reserves not needed for operations in the next 12 to 18 months. Chief executive officer David Luci pointed to bitcoin’s scarcity and resistance to inflation as key reasons for the decision. Luci was clear, though—this is purely a financial strategy and has no connection to Acurx’s drug development endeavors.
This embrace of bitcoin mirrors a growing trend among institutions and governments warming up to cryptocurrency. Microstrategy lit the fuse, with firms like Semler Scientific, Metaplanet, and Cosmos Health following suit. Acurx framed its decision as part of a broader movement recognizing bitcoin’s potential as a dependable treasury management tool.
After the announcement, Acurx shares had a rollercoaster ride—surging during premarket trading before diving over 26% by 12:30 ET on Wednesday. The company, known for its focus on developing innovative antibiotics to combat drug-resistant bacteria like Clostridioides difficile and methicillin-resistant Staphylococcus aureus, remains dedicated to advancing its pharmaceutical pipeline.
This treasury adjustment highlights a calculated foray into digital assets while reaffirming its commitment to core operations. Acurx views this diversification as a proactive financial strategy to protect and grow its resources. How this BTC strategy works out for the company remains to be seen.
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