Hoth Therapeutics, Inc. (NASDAQ: HOTH) shares made gains Wednesday, as the company, a patient-focused biopharmaceutical company, today announced that the Company's Board of Directors approved the purchase of up to $1 million in Bitcoin.
"As Bitcoin continues to grow, gaining investor attention and acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset," said Robb Knie, CEO of Hoth. "With recent approval of Bitcoin ETFs and increasing activity from institutional investors, it is a strong addition to our treasury strategy. We believe its inflation-resistant characteristics may make it a reliable asset as a functional store of value."
Hoth Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing innovative, impactful, and ground-breaking treatments with a goal to improve patient quality of life. We are a catalyst in early-stage pharmaceutical research and development, elevating drugs from the bench to pre-clinical and clinical testing. Utilizing a patient-centric approach, we collaborate and partner with a team of scientists, clinicians, and key opinion leaders to seek out and investigate therapeutics that hold immense potential to create breakthroughs and diversify treatment options.
HOTH began Wednesday’s trading day up two cents, or 2.6%, to 84 cents.
