Anixa Biosciences expands treasury strategy with Bitcoin

Cancer-focused biotechnology Anixa Biosciences announced plans to invest in Bitcoin to strengthen its financial strategy and increase shareholder value.

The San Jose-based biotech firm announced in a press release on November 22 that it would allocate some of its treasury to Bitcoin (BTC), citing the asset’s “unique inflation-resistant qualities.”

The move was approved by its board of directors as part of a broader strategy to diversify its cash holdings, Anixa said in a Nov. 22 press release. The biotech firm highlighted its “strong balance sheet and excess cash,” allowing it to pursue strategic financial initiatives, including diversifying treasury holdings with Bitcoin, while maintaining a focus on advancing clinical trials and shareholder returns.

“With the growing recognition of Bitcoin as a major asset class, we believe it makes a valuable addition to our treasury reserve strategy. “The approval of Bitcoin ETFs and the growing participation of institutional investors underscores its growing importance in global markets.”

Mike Catelani, president and CFO of Anixa

Amit Kumar, Anixa’s CEO, emphasized the firm’s disciplined approach to financial management, stating that Bitcoin allocation is “an additional approach to prudent financial management that delivers greater shareholder value.” Following the announcement, Anixa shares rose 7.84% in pre-market trading.

Public companies rush to adopt Bitcoin as treasury asset

This move is in line with a growing trend among publicly traded companies incorporating Bitcoin into their financial strategies. Artificial intelligence company Genius Group also recently announced the purchase of $4 million in BTC, increasing its holdings to 153 BTC as part of its “Bitcoin first” strategy to allocate 90% or more of its reserves to the cryptocurrency.

Other companies, such as MicroStrategy and Nasdaq-listed Acurx, have also expanded their holdings to capitalize on Bitcoin’s role as a hedge against inflation and a store of value that supports technological innovation.