Biotech's Atai Life Sciences Joins Roster of Firms With Bitcoin Treasury Strategies
Another company has elected to add bitcoin (BTC) to its balance sheet.
Christian Angermayer, the chairman of Germany-based biopharmaceutical company atai Life Sciences (ATAI) announced today that the firm would develop its own bitcoin treasury strategy.
'In an era of persistent inflation and volatile markets, I find myself asking an important question for biotech companies looking to preserve and optimize the capital they have: Could allocating a portion of treasury cash to bitcoin help preserve, optimize, and even extend a company's runway and hence contribute to its success,' Angermayer wrote on Substack.
The company will initially invest $5 million in bitcoin, Angermayer said, while holding enough cash, short-term securities and public equity for operational expenses into 2027.
The pharmaceutical firm is the latest in a long line of corporations which have sought to replicate Michael Saylor's bitcoin treasury strategy.
ATAI briefly surged when the news broke but is now down 2.8% for the day. After briefly topping $87,000 overnight, bitcoin has been in quick retreat, now changing hands at $83,900, lower by about 1% over the past 24 hours.
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