Just-in: Hoth Therapeutics Board Approves $1M Bitcoin Buying Plan

Coingapestaff
November 20, 2024
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Bitcoin News: Mt Gox's 3,620 BTC Move Ignites Concerns Amid $1B Crypto Liquidations

Highlights

  • Hoth Therapeutics announce plans to buy $1M worth of BTC.
  • The firm's Board of Directors approve its plan to make Bitcoin as a strategic reserve.
  • The chronicle underscores falls in line with rising institutional demand in the asset following the U.S. elections.

In an unprecedented move, biopharmaceutical company Hoth Therapeutics announced on Wednesday that it plans to buy $1M worth of BTC, sparking market discussions globally. The company’s Board of Directors approved the abovementioned purchase, primarily in an effort to strengthen the firm’s treasury reserve. This announcement has further gained significant traction as the flagship crypto continues to witness soaring institutional interest post-U.S. elections.

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Hoth Therapeutics Announce Bitcoin As Treasury Reserve Asset.

According to an official press release dated November 20,  Hoth Therapeutics’ Board of Directors approved the purchase of $1M worth of the crypto as the firm’s treasury reserve asset. Notably, Hoth Therapeutics CEO, Robb Kine, stated, “As Bitcoin continues to grow, gaining investor attention and acceptance as a major and primary asset class, we believe that Bitcoin will serve as a strong treasury reserve asset.”

Kine takes the stage to further add that “With recent approval of Bitcoin ETFs and increasing activity from institutional investors, it is a strong addition to our treasury strategy. We believe its inflation-resistant characteristics may make it a reliable asset as a functional store of value.”

Overall, this announcement echoed notable optimism surrounding the leading crypto by market cap, underscoring rising market demand.

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Soaring Institutional Interest Propels Further Market Optimism

The flagship crypto leverages further market optimism as institutions rush to accumulate more BTC post-U.S. elections. Notably, BTC ETFs continue to record robust inflows, as seen by Bitwise hitting $10 billion in assets under management.

Primarily, this rising demand comes against the backdrop of Donald Trump’s win in the U.S. elections. Trump’s reelection also ignited positive sentiments around establishing a strategic U.S. Bitcoin reserve.

Furthermore, in light of the BTC ETF Options launch today, a bolstered market sentiment is much awaited by market participants. Simultaneously, the flagship crypto also hit a new ATH at the $94,600 level intraday, adding to investor optimism surrounding the asset. Coupled with Hoth Therapeutics’ BTC buying plan, recent market events paint a highly optimistic scenario for the crypto.

Moreover, BTC miner MARA’s plans to raise $700 million for further purchasing the coin have added to market bullishness on future movements.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.