Quantum BioPharma Ltd. expanded its portfolio of digital assets. announced The purchase of $500,000 more in Bitcoin The company now holds USD $5,000,000 worth of Bitcoins and other crypto-currencies. This move was made after the Canadian biopharmaceutical corporation received approval from their Board of Director.
“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.”
This investment is a major step forward in the growth of the company, and reinforces its strategy to incorporate Bitcoin into long-term financial plans 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 took steps to make sure that their holdings were managed in compliance with financial and legal regulations. They worked with a custodian, to promote transparency and maintain 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 has a long history in biotech, and its Lucid Psycheceuticals Inc. subsidiary specializes in neurological treatments, such as Lucid-MS.
Although it is unclear exactly how much of that $5 million will be allocated to Bitcoin, this latest move by the firm signals a growing interest among institutions in Bitcoin’s long-term viability.
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Source: bitcoinmagazine.com
