Catenaa, Friday, November 22, 2024 – Cosmos Health, an American healthcare company specializing in pharmaceuticals and medical equipment, announced on November 18 plans to invest in Bitcoin and Ethereum, marking another step in corporate adoption of cryptocurrency.
In a statement Monday, CEO Greg Siokas highlighted the company’s vision of digital assets as a hedge against inflation and currency devaluation while offering significant diversification potential. Siokas noted that Bitcoin and Ethereum were selected for their substantial upside and resilience.
The company also aims to integrate cryptocurrency into its operations, enabling clients to pay using digital assets. Cosmos Health is exploring opportunities to expand its portfolio with other cryptocurrencies and blockchain-related investments, although specific investment amounts and timelines were not disclosed.
Following the announcement, Cosmos Health’s stock surged over 17%, closing at $0.73.
The company follows in the footsteps of MicroStrategy, the Nasdaq-listed software giant that has amassed 331,200 Bitcoins valued at over $30 billion.
MicroStrategy pioneered corporate Bitcoin investments in 2020, promoting it as a means to hedge inflation and enhance shareholder returns.
Cosmos Health’s move underscores a growing trend of corporations diversifying into digital assets. However, not all companies are on board. Last month, Microsoft advised shareholders against a proposal to invest in Bitcoin, emphasizing that the matter was already under strategic review.
As institutional interest in crypto grows, Cosmos Health’s bold step reflects a broader shift in how businesses approach digital assets amid an evolving financial landscape.
