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In summary
- Cosmos Health plans to add Bitcoin and Ethereum to its balance sheet, seeking to diversify its assets and protect against inflation.
- The healthcare company is also working to enable Cryptocurrency payments by its customers.
- Cosmos Health shares rose 17% following the announcement, reaching $0.73.
Another publicly traded US company has adopted the Bitcoin standard.
Healthcare company Cosmos Health (NASDAQ: COSM) announced Monday that it plans to add Bitcoin, the largest cryptocurrency by market cap, and Ethereum, the second largest, to its balance sheet.
The company, which develops and sells medicines and medical equipment in Europe, also said it was working to satisfy customers who want to make payments in cryptocurrencies.
“We view certain cryptoassets, such as Bitcoin and Ethereum, not only as potential hedges against inflation and currency devaluation, but also as diversification tools that offer substantial upside potential,” Cosmos Health CEO Greg Siokas said in a press release.
The company’s statement added that it would consider adding “other cryptocurrencies and Blockchain-related assets” in the future. He did not mention how much he plans to invest in digital assets or whether he has already started buying BTC and ETH. Cosmos Health representatives did not immediately respond to Decrypt’s questions.
Cosmos Health shares rose more than 17% following the news, reaching a value of $0.73.
The company is following in the footsteps of software company MicroStrategy, another Nasdaq-listed company that has put cryptocurrencies on its balance sheet. Since August 2020, MicroStrategy has purchased Bitcoin as a way to earn higher returns for shareholders and combat inflation.
It now owns 331,200 Bitcoin, worth more than $30 billion at the current price of $91,360, and primarily works to secure the cryptocurrency: investors can buy shares in the company as a proxy to buy and hold the virtual currencies themselves.
Microsoft also gained attention last month after a filing with the Securities and Exchange Commission showed that at its next shareholder meeting it would ask investors to vote on whether the software giant should buy Bitcoin for its own treasury.
The computer company advised shareholders to vote against the proposal to invest in Bitcoin, as Microsoft management “already carefully considers this issue,” according to the presentation.
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