Acurx Pharmaceuticals, a publicly traded biopharmaceutical company, has announced plans to purchase up to $1 million in Bitcoin as a treasury reserve asset. This decision aligns with strategies employed by companies like MicroStrategy, which has significantly invested in Bitcoin.

The company’s CEO, David P. Luci, stated that Bitcoin’s growing demand and acceptance as a primary asset class, along with its limited supply and inflation-resistant characteristics, make it a strong treasury reserve asset for funds not needed over the next 12 to 18 months. He emphasized that this financial strategy will not impact Acurx’s ongoing drug development plans.

Following the announcement, Acurx’s stock experienced a decline, dropping 17% to $1.38, marking its lowest price in over a year. The stock has decreased by 64% since the beginning of the year.

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