Biopharmaceutical firm Atai Life Sciences has joined the growing list of publicly traded companies investing in Bitcoin.
In a March 20 Substack post, Christian Angermayer, Atai’s founder and chair, announced that the company plans to acquire $5 million worth of Bitcoin, citing its potential as a financial safeguard for biotech startups navigating prolonged regulatory approval processes.
Angermayer highlighted the challenges facing the biotech sector, emphasizing that drug development is a capital-intensive, long-term endeavour, often taking over a decade to secure regulatory approval. With rising inflation and high interest rates worsening financial constraints, many startups have struggled to secure additional funding, leading to an increase in shutdowns throughout 2024, as reported by TechCrunch in January 2025.
Traditionally, biotech firms have kept cash reserves in low-yield accounts to preserve capital rather than seeking returns. However, Angermayer argues that current economic conditions call for a shift in strategy.
Atai, which specializes in psychedelic-based mental health treatments using substances like DMT and MDMA, sees Bitcoin as a hedge against inflation and a tool for optimizing shareholder value. The company joins at least five other publicly traded medical firms that have recently added Bitcoin to their balance sheets.
Among them, Quantum BioPharma has spent $3.5 million on Bitcoin and other cryptocurrencies since December, while Semler Scientific has accumulated 3,192 BTC worth $280.4 million since May 2024. Hoth Therapeutics, Acurx Pharmaceuticals, and Enlivex Therapeutics each announced $1 million Bitcoin purchases in November 2024.
Atai’s Bitcoin investment is primarily a long-term hedge against inflation but also serves as a short-term diversification move. While Bitcoin remains volatile, Atai will continue holding US dollars, short-term securities, and stocks to maintain its financial runway through 2027.
At the current Bitcoin price of $84,300, Atai’s planned investment would secure approximately 59 BTC, making it the 52nd largest corporate Bitcoin holder, according to data from Bitbo.
Atai’s stock initially surged on March 20, reaching an intraday high of $1.47, before retreating to close at $1.37, down 1.44% for the day, according to Google Finance. Despite being down nearly 93% from its 2021 IPO peak, the stock has gained 3% in 2024 so far.
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