 
 
Atai Life Sciences, a Nasdaq-issued biopharmaceutical company, invested $5 million in Bitcoin, creating a treasury plan to hedge against inflation and have reliable reserve wealth in an economic crisis. Christian Angermayer, chairman of Atai Life Sciences, said that the Bitcoin reserve gives Atai a financial runway. Atai joins a list of companies creating a Bitcoin treasury, changing the nature of biotech firms and providing more economic stability so that their business can focus more on innovation.
Although listed on the Nasdaq stock exchange, Atai is headquartered in Berlin, Germany. The company aims to address pharmaceutical gaps, particularly in mental health.
The company will initially invest $5 million in Bitcoin, diversifying its portfolio with other assets, cash, and short-term securities. The portfolio will be used to fund its operations through 2027. The Bitcoin treasury will hold around 60 BTC, placing the company among the top 60 companies investing in Bitcoin.
The Nasdaq-listed company, under the ticker symbol ATAI, had a market cap of around $275 million, providing enough cash to fund biotech operations. Yet the cash, despite being larger than the company’s debt, is being consumed fast, possibly promoting the need for better money management. Many companies are using a Bitcoin treasury strategy to mitigate the risks associated with inflation.
Atai maintains a traditional portfolio, using these assets to fund operations and not relying on Bitcoin reserves for core business expenses. The stock price has fallen 93% since its 2021 debut but has risen 3% this year.
 
Christian Angermayer, Atai chairman, explains that biotech companies use a lot of cash to fund operations, often rallying massive amounts of funds at the start of a project, only to use the money for an extended period. A large amount of cash is needed to navigate health and regulatory requirements. The biotech product can be marketed to consumers if the project passes the testing phase and meets minimal health thresholds. According to Angermayer, the period can take up to 10 years for regulatory approval and 1 to 3 years for clinical testing, which further needs to pass 3 clinical trials.
According to Angermayer, companies with lengthy R&D schedules can benefit from the stability of Bitcoin reserves. Many companies are turning to treasury strategies to offset the current macroeconomic uncertainty. Angermayer’s approach could signal other biotech companies to follow the same strategy. Although Bitcoin is not promoted as a financial innovation, it is on par with other financial tools, such as options trading, providing a way to mitigate the risks of discontinuous business cycles.
In other news, Atai Life Sciences just completed phase 2b of clinical trials for BPL-003, targeting treatment-resistant depression. The study, which involved 196 participants and was the largest of its kind, could provide valuable insights for phase 3 studies. Another study conducted by Atai treated alcohol use disorder, finding a significant difference for the treatment group.
Angermayer argued that Bitcoin’s price is correlated with factors that erode trust in fiat currency, such as government mismanagement, excessive monetary policy, and global uncertainty. For this reason, Angermayer believes Bitcoin will always be a reliable store of value because the above factors will not go away anytime soon. He points out the issue of hyperinflation, especially concerning Germany, with the new Chancellor engaging in excessive spending when more restraint is needed.
