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Publicly Traded Biotech Firm, Atai, Is Starting a Bitcoin Treasurydecrypt.co/311014/another-publicly-traded-company-bitcoin-reserve
346 sats \ 8 comments \ @k00b 21 Mar Stacker_Stocks
The firm, which focuses on the treatment of mental health disorders, announced plans Thursday to acquire $5 million worth of Bitcoin as a starting point.
The company filed an 8-K with the U.S. Securities and Exchange Commission earlier Thursday, and indicated that it plans to deploy $5 million into Bitcoin over the next few weeks to seed its treasury. At today’s prices, $5 million would net the company around 59.23 BTC.
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50 sats \ 0 replies \ @02a9a61fdc 21 Mar
There is a blog post by the founder of atai Life Sciences: https://christianangermayer.substack.com/p/why-bitcoin-can-be-a-valid-part-of
It´s worth reading! He makes the point that especially for drug developing companies Bitcoin is a great tool. Development of a new drug usually takes around 10 years. During this time the company doesn´t earn anything but sits on tons of cash from investors that is being devalued by inflation. I especially like this take:
"...if there’s one constant in life, it’s that there will always be some degree of political mismanagement."
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41 sats \ 0 replies \ @Aardvark 21 Mar
It's crazy how common this is becoming. It's going to hit a tipping point eventually.
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82 sats \ 0 replies \ @02a9a61fdc 21 Mar
Cool, they are working on psychedelics for the treatment of mental disorders.
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63 sats \ 4 replies \ @BlokchainB 21 Mar
Uh oh should we do a simply wall st breakdown of this business?
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406 sats \ 3 replies \ @gmd 21 Mar
Never heard of them before. Here's a quick grok breakdown - still pre-revenue. ~100M in cash
Waiting for a large, established, growing, profitable company to make a statement by establishing a bitcoin treasury. Seems like a lot of these companies running the MSTR playbook are not terrific businesses hoping to get saved by BTC growth.
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42 sats \ 0 replies \ @BlokchainB 21 Mar
Yeah that’s my point even MSTR they aren’t a revenue generating beast and stacking bitcoin with excess savings
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42 sats \ 1 reply \ @BlokchainB 21 Mar
It’s an app that does quick and easy breakdowns of publicly traded companies
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104 sats \ 0 replies \ @gmd 21 Mar
ahh yeah i downloaded it before based on your recommendation... it's pretty good! I meant I'd never heard of Atai :P
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