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LIXTE Biotechnology Holdings (LIXT) announced that its board of directors approved a treasury policy allowing up to 25% of corporate reserves to be allocated to cryptocurrencies, including Bitcoin and other digital assets.
The clinical-stage pharmaceutical company stated that all digital assets will be held with a regulated custodian and transactions will comply with financial, legal and audit standards. The policy is designed to diversify the company’s treasury management approach.
"LIXTE’s updated treasury policy is based on our conviction in the long-term potential of cryptocurrency to hedge our existing treasury assets, as well as delivering meaningful returns for shareholders," said Geordan Pursglove, chairman and CEO of LIXTE.
The company indicated the cryptocurrency allocation aims to hedge against inflation and currency depreciation while enhancing liquidity through globally recognized digital assets. LIXTE also cited positioning itself within fintech-enabled financial strategy as a rationale for the policy change.
LIXTE develops cancer therapeutics targeting the protein phosphatase 2A pathway. The company’s lead compound, LB-100, is a PP2A inhibitor currently in proof-of-concept trials for ovarian clear cell carcinoma, metastatic colon cancer and advanced soft tissue sarcoma.
The announcement was distributed through 24/7 Market News, a digital media company focused on financial market news distribution.