Bitcoin Finance Company (BTCT)the provider of institutional lending and liquidity services said it purchased 292.80 bitcoin.
$43 million ($31.6 million)launches accumulation strategy aimed at building a robust digital assets Ministry of Finance.
The Toronto-based company said it plans to use ownership to support its institutional loan operations, deeming Bitcoin both a long-term reserve asset and an important part of its revenue model.
With the $125 million raised from recently completed intermediary stock offerings and revenues resulting from the purchase of BTC, Bitcoin Treasury aims to provide institutional-grade services related to the digital asset economy. It said it will focus on disciplined risk management and shareholder value creation as it will take on leadership in Bitcoin-backed financial solutions.
The company’s shares are scheduled to begin trading at TSX Venture Exchange on June 30th. Following the reverse acquisition of 2680083Alberta Ltd., shares in the merged entity were listed on C$10 on Thursday and were immediately suspended by the exchange.
Neither BTCT nor 268 shares were previously listed, but the merger is a shortcut for companies that allows BTCT to become a public company without traditional IPOs, using 268 as a private shell vehicle specifically set up for this purpose.
The service included several financial institutions, including Canaccord Genuity, Stifel, National Bank Financial Markets, BMO Capital Markets and CIBC Capital Markets.
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