Desperate Biotech Firms Turn to Crypto: A Hail Mary Pass?

Facing a sluggish stock market and funding difficulties, several small biotech companies are adopting a desperate strategy: investing heavily in cryptocurrencies. Companies like 180 Life Sciences Corp. (now ETHZilla) saw their stock prices skyrocket after accumulating significant Ethereum holdings, only to see those gains evaporate shortly after. While this tactic can provide a short-term stock price boost, it carries substantial long-term risks, potentially harming core operations and alienating investors. Analysts view this as a last-ditch effort for companies struggling with slow R&D progress and dwindling funds, but the odds of success remain questionable.