Biotech Meets Bitcoin: Anixa Biosciences Embraces Cryptocurrency to Bolster Treasury Strategy

Anixa Biosciences, Inc. (NASDAQ: ANIX), a biotechnology company advancing cancer treatments and prevention, announced its Board of Directors has approved the purchase of Bitcoin as a treasury reserve asset. This decision aims to diversify the company’s treasury holdings and leverage Bitcoin’s potential as a long-term inflation-resistant asset. Following the announcement, Anixa’s stock saw a pre-market surge of 7.8%.

The move reflects Anixa’s strong financial position, with a robust balance sheet and surplus cash, enabling innovative financial strategies alongside its stock buyback program. The company continues to focus on advancing clinical trials for its breast cancer vaccine and ovarian cancer therapy, both of which have exceeded expectations, while maintaining a low cash burn rate.

Mike Catelani, President and CFO of Anixa commented, “As we continue to execute on our mission of advancing life-changing cancer therapies, we are also focused on creating long-term financial value for our shareholders. With Bitcoin’s growing recognition as a mainstream asset class, we believe it represents a valuable addition to our treasury reserve strategy. The approval of Bitcoin ETFs and increasing participation from institutional investors highlight its rising importance in global markets. Its unique inflation-resistant qualities and potential as a reliable store of value aligns with our goal of optimizing long-term financial stability and growth. Combined with our stock buyback program, this initiative reflects our confidence in the Company’s growth trajectory and our dedication to delivering shareholder returns.”

Earlier in the week, the company announced it had initiated dosing in the third cohort of its ovarian cancer CAR-T clinical trial.