Canadian biotechnology firm Quantum Biopharma has added another $1 million worth of Bitcoin and other cryptocurrencies to its corporate treasury, bringing its total crypto holdings to approximately $4.5 million.
The company revealed the purchase in a press release on Sunday and outlined plans to stake a portion of its digital assets to generate revenue. Quantum says the move is part of a broader strategy to enhance shareholder returns and hedge against volatility in the Canadian dollar. According to Google Finance data, the company’s stock (QNTM) surged by roughly 25% after the announcement.
The biotech firm joins many healthcare companies, turning to Bitcoin as a treasury reserve asset. In March, Atai Life Sciences, a Nasdaq-listed biopharmaceutical company, disclosed intentions to acquire $5 million in Bitcoin. Atai’s founder, Christian Angermayer, described Bitcoin as an essential part of any corporate treasury, particularly in biotech. He argued that digital assets can help companies weather inflation and sustain operations during lengthy drug approval timelines.
More recently, on May 16, Singapore’s Basel Medical Group unveiled plans to allocate a staggering $1 billion to Bitcoin. The firm views the investment as a strategic move to bolster its balance sheet ahead of an expansion drive across Asia. However, unlike Quantum, Basel’s shares tumbled in response to the announcement.
As of May 19, publicly traded companies collectively hold over $83 billion in Bitcoin, according to BitcoinTreasuries.NET. This makes corporate entities the second-largest institutional holders of Bitcoin, behind only exchange-traded funds (ETFs).
In a 2024 report, Fidelity Digital Assets noted that Bitcoin may serve as a critical hedge for companies navigating rising fiscal deficits, currency devaluation, and mounting geopolitical instability.
Meanwhile, according to new data released by Bitcoin investment firm River on May 13, corporations have emerged as the dominant force behind Bitcoin purchases this year, significantly outpacing exchange-traded funds (ETFs), governments, and individual investors.
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