Key Takeaways
- CIMG has purchased 500 BTC in exchange for $55 million worth of its stock.
- Strategy remains a leader in the space. Its latest purchase brought its total holdings to over 628,000 BTC.
- Beyond companies that acquire Bitcoin through capital raises, Bitcoin mining firms like Marathon Digital Holdings are also significant holders.
Digital health and sales group CIMG has closed the sale of 220 million shares of its common stock in exchange for 500 Bitcoin.
The move comes as part of its new long-term Bitcoin holding strategy, as it joins the long list of institutions pursuing digital asset treasuries.
Earn Crypto with These Top Mining Apps
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
CIMG Purchases 500 Bitcoin
On September 2, the firm closed the previously announced sale of 220 million shares of its common stock, raising $55 million.
The funds were used to purchase 500 Bitcoin, currently worth $111,123 at the time of reporting.
“We aim to pioneer a new era of Bitcoin financial applications and become one of the companies engaged in Bitcoin finance,” said Wang Jianshuang, the Chairwoman of the Board of Directors and CEO of CIMG.
CIMG said it was committed to “building a robust Bitcoin reserve through a sound financial system to establish a solid value foundation for our investors.”
Strategy Bitcoin Form Surges
The firm’s decision mirrors a growing movement among institutions to add the volatile digital asset to their treasuries, with an increasing number of publicly traded companies holding bitcoin on their balance sheets.
This continues to be led by business intelligence firm Strategy, which has consistently expanded its position as the largest institutional holder of bitcoin.
Its latest acquisition of 4,048 bitcoin for $449.3 million , made between late August and early this week, brings its total holdings to 628,946 BTC.
The company’s total holdings now stand at 636,505 BTC, valued at approximately $70 billion at current prices.
Bitcoin Treasuries Growing
The recent acquisition follows other major public Bitcoin holders who have been making moves to bolster their holdings.
Bitcoin miners, for instance, are increasingly choosing to hold onto a larger portion of the coins they produce rather than selling them to cover operational costs.
Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) are two of the largest, with holdings of over 50,000 BTC and 19,000 BTC, respectively.
Meanwhile, other companies from diverse industries are also joining the ranks.
Japan’s Metaplanet, a publicly traded investment company, has also become a significant holder, now holding tens of thousands of Bitcoin.
Was this Article helpful?
#CIMG #Sells #55M #Stock #Bitcoin