PANews reported on June 5 that according to Globenewswire, Silo Pharma, Inc. (Nasdaq: SILO), a Nasdaq-listed biopharmaceutical company, announced that its board of directors has approved the purchase of $1 million in Bitcoin as a treasury reserve asset. Eric Weisblum, CEO of Silo, said: "Including Bitcoin in our balance sheet is a strategic decision to diversify our assets and include digital value storage tools that we believe have great growth potential. We purchase Bitcoin to protect against inflation and are expected to help Silo maintain and optimize long-term shareholder value."