Quantum BioPharma Up 1.35% In US Premarket As Says Continues to Grow Its Crypto Assets and Diversify Its Treasury

Quantum BioPharma Ltd. (NASDAQ: QNTM and CSE: QNTM) was at last look up 2.85% in US premarket trade Wednesday on news it purchased an additional US$1.5 million worth of Bitcoin and other cryptocurrencies, growing and increasing its crypto assets as part of its strategic efforts. A statement noted this brings the total amount of Bitcoin (BTC), and other cryptocurrencies purchased to US$3.5 million. As previously announced, the company will continue to allow for future financings and other transactions to be carried out in cryptocurrency. Thursday's statement said: "This move reflects the company's belief in the potential of Bitcoin (BTC) and other currencies to provide a return on investment for shareholders and to provide some hedge against the dollar. The company is now set up to receive financing in cryptocurrencies as well as executing other types of transactions in cryptocurrencies, improving the prospects of further financing as needed."The company said it is holding all its cryptocurrency with a fully compliant custodian. The company emphasizes that all transactions are and will be fully compliant with all relevant financial and audit regulations, ensuring a secure and legal process. The company added it will continue to monitor market conditions and may increase or decrease its holdings of Bitcoin (BTC) or other cryptocurrencies as it deems appropriate.