🚀 Hold onto your lab goggles, folks! NASDAQ-listed biopharmaceutical company Atai Life Sciences is now saying, “Forget plain ol’ savings accounts; Bitcoin might just save us from freezing to death in the ‘biotech winter’!” Yes, the same biotech winter that feels longer than waiting for a kettle to boil in the Arctic 🥶.
This firm, which is heroically developing mental health treatments using psychedelics like DMT and MDMA—basically, medicine’s fun-loving cousins—has joined the crypto train 🚂. Atai plans to splash $5 million on Bitcoin, because why not mix a little crypto chaos with regulatory red tape?
In a bold Substack post (because where else do edgy ideas live these days?), Atai founder Christian Angermayer made a compelling case. “Drug development basically eats money for breakfast 🍳 and snoozes through lunch,” he explained. “Regulatory approval takes so long, my beard has grown three generations just waiting!”
Meanwhile, TechCrunch is here, as usual, reminding us that startups are dropping like flies. 📉 Apparently, everyone’s getting ghosted by investors these days. Angermayer sees Bitcoin as a lifeboat in a sea of sticky inflation, high interest rates, and heart-palpitating financial risks. 🛟
The biopharma legend added that putting cash in snoozy near-zero-yield accounts is “about as exciting as watching paint dry.” Why not throw in some Bitcoin and spice things up a bit? 🎲 After all, inflation isn’t just a scary report—it’s like someone keeps grabbing your wallet every time you blink. 🤷♀️
If you’re wondering, Atai isn’t the only one diving into crypto: Quantum BioPharma has already splurged on $3.5 million worth of digital coins, claiming it’s their ticket to the moon 🌙. Meanwhile, Semler Scientific casually spent a whopping $280.4 million to buy 3,192 BTC. These numbers feel like Monopoly money, honestly. 🙃
Other biotech businesses—Hoth Therapeutics, Acurx Pharmaceuticals, and Enlivex Therapeutics—clearly said, “Oh hey, Bitcoin, we’re in!” to the tune of $1M each. But don’t get your hopes up—biotech companies holding Bitcoin probably won’t host wild crypto parties anytime soon. 🥳 Just smarter diversification plays, apparently.
Angermayer sees Bitcoin as both a long-term inflation hedge and a short-term thrill ride. Sure, Bitcoin’s rollercoaster price movements might send a chill down anyone’s spine 🌀, but he’s holding US dollars as backup just in case the crypto DJ spins some bad tracks. 🎧
Atai’s $5 million investment means grabbing somewhere around 59 BTC at today’s not-too-shabby price of $84,300 per coin. According to Bitbo data, they now proudly stand as the world’s 52nd largest holder among public firms. Not exactly top-tier bragging rights, but hey, who’s counting? 🤷♂️
Of course, Bitcoin’s been roughing it lately, tussling with market mayhem spurred by former President Donald Trump’s tariff drama and whispers of a US recession—because nothing says economic pizazz like some good ol’ uncertainty. 🤦♀️
Oh, and before we forget, Atai’s stock put on a quick little sprint early on March 20 to $1.47 but then tripped and faceplanted down to $1.37 by the day’s close. It’s like the stock market’s version of ordering avocado toast and realizing it’s brown 🥑. Fun fact: Atai’s shares have nosedived by 93% from their mid-2021 debut peak, proving that biotech winters aren’t just chilly—they’re downright icy 🧊.
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2025-03-21 05:31