• Cancer drug developer Anixa Biosciences (NASDAQ:ANIX) traded higher on Friday after the company's board of directors approved the purchase of Bitcoin as a treasury reserve asset to diversify its financial position.
• "With Anixa's strong balance sheet and excess cash, this strategic decision aims to diversify the company's treasury holdings while positioning Anixa to benefit from the potential long-term value of digital assets," the company said.
• "Our decision about Bitcoin is an additional approach to prudent financial management, enabling greater shareholder value," CEO Amit Kumar added.
• CFO Mike Catelani said that Bitcoin is a valuable addition to the company's treasury management strategy, given its recognition as a mainstream asset class.
• Additionally, the company reiterated its commitment to the ongoing stock buyback program, which it said implied its commitment to improve shareholder value.

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