11:59 AM EST, 12/20/2024 (MT Newswires) -- (Updates shares.)

Quantum BioPharma ( QNTM ) said Friday it purchased US$1 million in bitcoin and other cryptocurrencies as part of a play to diversify its treasury.

Quantum said it is now set up to receive financing in cryptocurrencies as well as executing other types of transactions in cryptocurrencies.

"We are exploring innovative ways to grow our capital not being used in operations," chief executive Zeeshan Saeed said. "With multiple global asset managers now offering BTC based exchange-traded funds, and renewed optimism following pro-crypto policy expectations under President-elect Donald Trump's new administration, we believe Bitcoin and other cryptocurrencies presents an opportunity to align with emerging financial trends."

The company's shares were last seen down $0.55 to $4.70 on the Canadian Securities Exchange

Price: 4.70, Change: -0.55, Percent Change: -10.48