Hoth Therapeutics, a biopharmaceutical company, has announced a plan to purchase $1 million worth of Bitcoin to use as a treasury reserve asset. This decision, approved by the company's Board of Directors, aligns with the growing trend of institutional interest in Bitcoin, especially following the U.S. elections. The CEO of Hoth Therapeutics, Robb Kine, highlighted Bitcoin's potential as a major asset class and its inflation-resistant characteristics, which make it a strong addition to their treasury strategy. The announcement has contributed to the overall market optimism surrounding Bitcoin, which has seen increased institutional demand and a new all-time high in its price. Additionally, the launch of Bitcoin ETF options and other market activities, such as $BTC miner MARA's plan to raise $700 million for further Bitcoin purchases, have further fueled positive market sentiment.