Cosmos Health, a healthcare company, will add Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, to its balance sheet. As stated in its press release, the company plans to incorporate these assets into its treasury reserves.
The company’s stock is currently up by over 11% today, at $0.70, just one day after the announcement.
Cosmos Health selects Bitcoin and Ethereum as its first crypto treasury reserve assets
Pharmaceutical manufacturer and distributor Cosmos Health has joined the growing list of companies incorporating digital assets into their portfolios. On Monday, the company announced that it will be integrating Bitcoin and Ethereum into its treasury reserves.
In a press release, Greg Siokas, CEO of Cosmos Health, remarked:
“Cosmos is a flexible, agile, and forward-looking Company. We believe this strategy will help us stand out by making a significant investment in the new era. Alongside our AI capabilities, we are now incorporating crypto assets and continually seeking additional future-focused investments to benefit our shareholders.”
~ Greg Siokas
He added that Bitcoin and Ethereum would serve as hedges against inflation and currency devaluation and help diversify their balance sheet, expressing the company’s desire to grow its reserve in the two crypto assets.
While the company has not specified how much Bitcoin and Ethereum investments it plans to take up, it did hint at including other crypto and blockchain-related assets in the near future.
The company’s Bitcoin-Ethereum integration announcement comes just a few months after it incorporated an AI-based drug repurposing platform, Cloudscreen.
Cosmos Health is still working on an upgraded version, Cloudscreen 2.0, which will have more prediction tools for incorporating mutagenesis data.
Cosmos Health joins Genius Group and MicroStrategy in Bitcoin investments
Cosmos Health’s decision to adopt Bitcoin reserves follows the steps of the Genius Group, which, on November 12, announced that it planned to have more than 90% of its current and future reserves in Bitcoin. The company even set its purchase target at $120 million in Bitcoin.
On November 18, the AI-powered group made its first Bitcoin purchase, acquiring 110 Bitcoin for $10 million at an average price of $90,932 per Bitcoin.
MicroStrategy is another renowned company that moved to make Bitcoin acquisitions. After settling for a Bitcoin reserve plan in 2020, the company now holds 331,200 Bitcoins, valued at over $30 billion.
The company even sold roughly 13.6 million shares to fund its most recent Bitcoin purchase, roughly 51,780 BTC worth $4.6 billion. MicroStrategy has purchased Bitcoin at an average price of $49,874 across all its acquisitions.
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