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Nasdaq-listed Hoth Therapeutics has taken a significant step into the cryptocurrency space by allocating $1 million to purchase Bitcoin as a treasury reserve asset. This decision, announced on November 20, underscores the growing acceptance of Bitcoin among institutional investors and marks Hoth as the latest to endorse the leading cryptocurrency as a reliable store of wealth and an effective hedge against inflation.
Amidst a broader adoption trend, Bitcoin’s allure is bolstered by its recent surge to new all-time highs above $94,000 following Donald Trump’s re-election on November 5, 2024. This landmark victory has further fueled Bitcoin’s ascent, propelling its market capitalization to surpass those of major corporations like Visa and Mastercard combined.
Robb Knie, CEO of Hoth, cited the recent approvals of Bitcoin ETFs and vigorous institutional activity as key factors in their strategic decision. “Bitcoin’s resistance to inflation and growing institutional acceptance make it an optimal component of our treasury strategy,” Knie stated, aligning with broader market optimism and proposed strategic reserves by U.S. policymakers.
