Atai Life Sciences, a biopharma firm listed on NASDAQ, has determined to take a position $5 million in Bitcoin
$84,131.97
.
The corporate’s founder and chairman, Christian Angermayer, defined the choice in an X submit on March 20. He stated that creating new therapies takes years and requires a gradual stream of funding. Nonetheless, many corporations are working out of cash whereas ready for regulatory approval.
Angermayer identified that almost all corporations retailer their money in low-return accounts, nevertheless it will not be sufficient to guard in opposition to inflation. He believes it is time for biotech corporations to contemplate different methods to handle their funds—like including Bitcoin to their reserves.
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Atai is at the moment engaged on therapies that use substances akin to DMT and MDMA to deal with psychological well being circumstances. Whereas the analysis is ongoing, the corporate additionally wants to verify it has sufficient money to proceed working by 2027.
Angermayer stated that the Bitcoin buy is generally a strategy to guard in opposition to inflation in the long run. Within the brief time period, it additionally helps to unfold danger by not holding all funds in the identical sorts of belongings.
At present market charges, the corporate’s $5 million funding would purchase simply over 59 BTC. This is able to place Atai among the many high 60 public corporations holding Bitcoin, in accordance with Bitbo, a real-time Bitcoin dashboard.
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