Chicago-based Cosmos Health, a publicly traded, vertically integrated global healthcare company, is diving into the crypto space by incorporating digital assets into its treasury reserves.
A Publicly Traded Healthcare Firm’s Bold Plan to Add Bitcoin to Its Treasury
On Monday, the company announced through a series of press releases issued online that it would follow the lead of firms like Microstrategy, Semler Scientific, Metaplanet, and Tesla by holding bitcoin (BTC) on its balance sheet. Cosmos Health (Nasdaq: COSM) further detailed it was adding ethereum (ETH) as well.
Cosmos explained that adopting this policy aligns with its self-proclaimed commitment to embracing innovative technologies. This move comes on the heels of its recent acquisition of Cloudscreen, an artificial intelligence (AI)-powered platform designed for drug repurposing. The press release revealed that Cosmos “expects that adding bitcoin and ethereum, along with potentially other cryptocurrencies and blockchain-related assets, will help diversify its balance sheet.”
The company also hinted at the possibility that the investment could “offer significant upside potential as these assets increasingly gain global adoption.” After the announcement, Cosmos’ shares listed on Nasdaq climbed 11.13% during Monday’s trading. That same day, Microstrategy disclosed its acquisition of 51,780 BTC and unveiled plans to raise $1.75 billion through a private offering to purchase additional bitcoin.
Greg Siokas, CEO of Cosmos, emphasized the company’s visionary strategy and commitment to innovation. “Cosmos is a flexible, agile, and forward-looking Company. We believe this strategy will help us stand out by making a significant investment in the new era. Alongside our AI capabilities, we are now incorporating crypto assets and continually seeking additional future-focused investments to benefit our shareholders,” Siokas stated.
Siokas added:
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We view select crypto assets, such as Bitcoin and Ethereum, not only as potential hedges against inflation and currency devaluation but also as diversification tools offering substantial upside potential. Accordingly, we look forward to building a sizable reserve in these assets.
Source: https://news.bitcoin.com/planning-ahead-cosmos-health-looks-to-add-bitcoin-and-ethereum-to-its-treasury/