NASDAQ-listed biopharmaceutical firm Atai Life Sciences says cryptocurrencies like Bitcoin could be key to survival for biotech startups as they wade through years of regulatory approvals.
Atai, which is developing mental health treatments using psychedelics like DMT and MDMA, has become the latest public company to announce plans to buy Bitcoin.
It plans to buy $5 million of Bitcoin (BTC), its founder and chair Christian Angermayer wrote in a March 20 Substack post.
“Drug development is a cash-hungry, long-term venture,” he said. “The necessary steps to achieve regulatory approval can easily take more than a decade.”
TechCrunch reported in January that, according to multiple data sets, the number of startups shutting down rose in 2024 compared to 2023 as firms failed to receive more funding to keep running.
Angermayer said the approval process is essential for drug development, but it