In an expansion of its digital asset portfolio, Quantum BioPharma Ltd. has announced the purchase of an additional $500,000 in Bitcoin and other cryptocurrencies, bringing its total holdings to USD $5,000,000. The Canadian biopharmaceutical company made the move after securing approval from its Board of Directors.
“Quantum BioPharma Ltd. is pleased to announce that after receiving approval from the Board of Directors, the Company has purchased additional Bitcoin and other cryptocurrencies as part of its strategic efforts. This brings the total amount of BTC and other cryptocurrencies purchased to USD $5,000,000. As previously announced the company will continue to allow for future financing and other transactions to be carried out in cryptocurrency.”
The investment marks another step in the company’s growth, reinforcing its broader strategy to include Bitcoin into its long-term financial planning and operations.
“This move reflects the company’s belief in the potential of Bitcoin and other currencies to provide a return on investment for shareholders and to provide some hedge against the dollar. The company is now set up to receive financing in cryptocurrencies as well as executing other types of transactions in cryptocurrencies.”
Quantum BioPharma has taken the steps to ensure that its holdings are managed securely and in compliance with legal and financial regulations, working with a custodian to uphold transparency, and investor trust.
“The company is holding all its cryptocurrency with a fully compliant custodian. The company emphasizes that all transactions are and will be fully compliant with all relevant financial and audit regulations, ensuring a secure and legal process.”
Quantum BioPharma is known for its work in the biotech space, particularly through its subsidiary Lucid Psycheceuticals Inc., which focuses on neurological treatments like Lucid-MS. With this latest Bitcoin investment, the company joins a growing list of firms hedging traditional finance strategies with BTC.
While it remains unclear how much of the $5 million is allocated specifically to Bitcoin, the firm’s latest move signals increasing institutional interest in Bitcoin as a long term, viable asset.
