Hoth Therapeutics (NASDAQ:HOTH) Announces Purchase of Bitcoin as Treasury Reserve Asset

Hoth Therapeutics, Inc., a patient-focused biopharmaceutical company, made a significant announcement on November 20, 2024. The company’s Board of Directors has approved the purchase of up to $1 million in Bitcoin as a treasury reserve asset.

The decision was revealed through a press release issued by Hoth Therapeutics, Inc. The board’s approval for this move underscores the company’s belief in the potential of Bitcoin as a strong treasury reserve asset in the current market scenario.

Robb Knie, the CEO of Hoth Therapeutics, expressed confidence in Bitcoin’s growth trajectory and its increasing acknowledgment as a significant asset class. Knie stated, “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.”

Hoth Therapeutics is known for its dedication to developing innovative treatments that aim to enhance patient quality of life. The company actively engages in early-stage pharmaceutical research and development, partnering with experts to explore therapeutic options that have the potential to bring about breakthroughs in the field.

The company’s decision to allocate funds to Bitcoin highlights a strategic financial move as part of its treasury strategy. However, the decision is not without its risks. The company acknowledged in its filing that the volatility of Bitcoin’s price could potentially impact its financial stability. Regulatory changes and the speculative nature of Bitcoin can lead to sharp price movements, as seen in the past, notably with China’s ban on crypto trading and mining in 2021.

Investors are cautioned about the forward-looking statements included in the announcement. While the Company believes in the reasonableness of its expectations, uncertainties inherent in financial markets, the risks associated with Bitcoin investments, and other factors could lead to actual results differing from the anticipated outcomes.

For more information about Hoth Therapeutics and its operations, interested parties can visit the company’s investor relations website or reach out via the provided contact details.

The press release included in this report is available on the company’s investor relations website for further review.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Hoth Therapeutics’s 8K filing here.

About Hoth Therapeutics

Hoth Therapeutics, Inc, a clinical-stage biopharmaceutical company, focuses on developing therapies for unmet medical needs. It is involved in the development of HT-001, a topical formulation, which is in Phase II clinical trial for the treatment of patients with rash and skin disorders associated with initial and repeat courses of tyrosine kinase epidermal growth factor receptor inhibitor therapy; HT-KIT to treat mast-cell derived cancers and anaphylaxis; HT-TBI to treat traumatic brain injury and ischemic stroke; HT-ALZ for the treatment and/or prevention of Alzheimer's or other neuroinflammatory diseases; HT-004 for treatment of asthma and allergies using inhalational administration; HT-003 for the treatment of acne and psoriasis, as well as inflammatory bowel diseases; and HT-002, a novel peptide for treating COVID-19.