Another NASDAQ-Listed Firm to Invest $100 Million in Bitcoin
Kuala Lumpur-headquartered and NASDAQ-listed Greenpro Capital plans to acquire Bitcoin through its subsidiary, CryptoSX, a press release on Dec 28 reveals.
Greenpro Capital Believes in the Mass Adoption of Bitcoin
In a statement, the company said it believes in the ongoing mass adoption of Bitcoin by banks, hedge funds, and insurance companies, further adding that it endorses Bitcoin as a reliable store of value.
Towards this end, its CEO CK Lee has instructed Greenpro Capital investment bankers, to in Q1 2021, raise debt of up to $100 million. However, they will also buy digital gold from their cash reserves.
Through strategic management of their balance sheet and a Bitcoin fund—part of their crypto strategy, they can produce “significant future value” for the company.
Other than Bitcoin, Greenpro Capital believes that other top cryptocurrencies like Ethereum provide the opportunity for better returns, helping preserve value, and is an alternative that’s better than holding cash.
Public Companies Holding Bitcoin
According to statistics from Bitcoin Treasuries, more public firms are pouring their funds into Bitcoin. MicroStrategy under the leadership of Michael Saylor, for instance, owns 70,470 BTC.
A few weeks back, they announced another purchase of $650 million, pushing their total to over $1.9 billion of BTC at spot rates, in the process raking over $850 million in profits.
Repeatedly, Saylor believes Bitcoin is a store of value and the underlying network is a new financial layer that will power internet commerce over the years.
In a recent tweet, he seemed to be urging market leaders to tweak their investment strategy, explaining that it was impossible to pursue a corporate vision by investing capital in a currency (USD) that’s collapsing in value. Earlier, he said Bitcoin was the first engineered safe-haven describing the asset as “hope.”
Other notable public companies with Bitcoin interest include Galaxy Digital Holding managing 16,651 BTC, and Square with 4,709 BTC.
As BTCManager reported, Square believes cryptocurrencies like Bitcoin are an instrument of economic empowerment and a means of participation in the global monetary system, trustlessly and without intermediaries. These properties, they said, align with their company objective.
Flowing with the influx, Russel Okung, an NFL star, BTCManager reported will now receive half of his $13 million salary in BTC.