By Connor Hart
Shares of Acurx Pharmaceuticals fell to their lowest price in over a year after the company disclosed a large investment in bitcoin.
The stock slid 17%, to $1.38, in afternoon trading Wednesday and is down 64% since the beginning of the year.
The New York biopharmaceutical company before the bell said its board approved the purchase of up to $1 million in bitcoin to hold as a treasury reserve asset.
"As demand for bitcoin grows, and so does its acceptance as a major and primary asset class, we believe that bitcoin will serve as a strong treasury reserve asset for cash not needed over the next 12-to-18 months," Chief Executive David Luci said.
He added that the company's new finance strategy would have no effect on its overarching drug-development plans.
Bitcoin has soared to record highs since the election, boosted by President-elect Donald Trump's pro-crypto stance, anticipation of a more crypto-friendly regulatory environment under his administration and the election to Congress of more crypto-friendly lawmakers.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
November 20, 2024 15:12 ET (20:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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