NASDAQ-Listed Immersion Corporation Submits New Prospectus, May Buy Bitcoin
Immersion Corporation–a NASDAQ-listed company that develops and licenses hardware and software–including haptic technology, may invest in Bitcoin. Their new prospectus filed with the United States Securities and Exchange Commission (SEC) reveals on Feb 12.
Immersion Corporation May Buy Bitcoin
The San Jose-based company generated $111 million as revenue, the latest data shows.
However, the public firm is cash-flow negative. Therefore, their latest prospectus could suggest that Immersion Corp is looking to issue new shares and buy Bitcoin.
Public companies under the SEC are obliged to file under 424B5 on realizing that their previously-stated offering is incorrect or incomplete.
Immersion Corporation stated:
“We intend to use the net proceeds of this offering for working capital and other general corporate purposes. We may also use a portion of the net proceeds from this offering to acquire or invest in complementary businesses, assets, or technologies.”
With the above path set, they added:
“We may invest in Bitcoin and other cryptocurrencies, and intend to invest the remaining net proceeds in short and intermediate-term, interest-bearing obligations, investment-grade instruments, certificate of deposit or direct or guaranteed obligations of the U.S. government.”
Tesla buys $1.5 Billion of BTC
More public companies are interested in Bitcoin. Because of the coin’s fixed supply and other properties like its censorship-resistance and digital nature, institutions are allocating part of their capital reserves in the cryptocurrency.
According to Tesla, they channel $1.5 billion into Bitcoin to diversify income and hedging against inflation. Besides, they soon plan to accept BTC as a means of payment for their products.
Twitter May Pay Employees in Bitcoin” if they Ask”
Twitter is also considering paying their employees and vendors in Bitcoin should they ask. During CNBC’s Squawk Box, Twitter’s top executive, Ned Segal, said:
“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin, and whether we need to have bitcoin on our balance sheet should that happen. We want to be thoughtful about it over time, but we haven’t made any changes yet.”
As BTCManager reports, New York and Miami are pushing to overtake Wyoming as a Bitcoin innovation hub.