The board of directors of the publicly traded company Silo Pharma has approved the purchase of Bitcoin as a treasury reserve asset

ChainCatcher news, according to Globenewswire, Nasdaq-listed biopharmaceutical company Silo Pharma, Inc. (Nasdaq: SILO) announced that its board has approved the purchase of $1 million in Bitcoin as a treasury reserve asset.

Silo CEO Eric Weisblum stated, "Incorporating Bitcoin into our balance sheet is a strategic decision aimed at diversifying our assets and including what we believe to be a digital store of value with significant upside potential. Our purchase of Bitcoin is intended to hedge against inflation and is expected to help Silo maintain and optimize long-term shareholder value."