Nasdaq-listed Hoth Therapeutics has announced plans to purchase Bitcoin as a treasury reserve asset.

Hoth disclosed on Nov. 20 that its board of directors had approved the acquisition of $1 million worth of Bitcoin (BTC). The biopharmaceutical company will become the latest institution to adopt Bitcoin as a reserve asset.

While Hoth’s Bitcoin acquisition is relatively small compared to other recent purchases, it marks another significant boost for Bitcoin. The leading cryptocurrency continues to attract attention on Wall Street and globally, recognized for its value as a store of wealth and an inflation hedge.

Bitcoin recently hit new all-time highs above $94,000, buoyed by the Nov. 5 victory of Donald Trump in the 2024 U.S. election. In recent weeks, BTC has surpassed the market capitalization of silver and Saudi Aramco. It is now also larger than the combined market cap of Visa and Mastercard.

Hoth’s chief executive officer, Robb Knie, outlined several reasons for the clinical-stage biopharmaceutical company’s decision to add Bitcoin to its balance sheet.

Among them is the asset’s growing acceptance among institutional investors and its potential as a “strong treasury reserve asset.”

Hoth’s CEO added:

“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.”

BTC is seeing huge interest since Trump’s re-election, with anticipated changes at the U.S. Securities and Exchange Commission one of the developments aiding a bullish stance in the market.

Meanwhile, plans for a strategic Bitcoin reserve for the U.S. are underway, spearheaded by U.S. Senator Cynthia Lummis. The Senator has proposed the U.S. government sells its gold to buy Bitcoin.

Elsewhere, MicroStrategy’s BTC strategy is also strengthening, with the company adding $4.6 billion worth of the asset to its coffers.