Yet Another Public Company Buys Bitcoin

DeFi Technologies, a publically traded institution that focuses connected Web3 technologies, has taken a leafage retired of MicroStrategy's playbook by announcing its ain Bitcoin treasury strategy. 

It has made an archetypal acquisition of 110 Bitcoins ($7.7 million) aft deciding to marque Bitcoin its superior reserve asset. 

The company, whose shares are trading connected Toronto's Cboe Canada, explained that it had acquired Bitcoin successful bid to support the company's assets from currency debasement. Roussy Newton, CEO of DeFi Technologies, is convinced that the institution could perchance grow its treasury due to the fact that of the latest investment. 

Business quality MicroStrategy famously became a trailblazer successful the realm of firm Bitcoin adoption with its audacious stake successful August 2020. The stake has paid off, with co-founder Michael Saylor becoming 1 of the astir salient Bitcoin advocates. As reported by U.Today, the company's banal was precocious added to the MSCI World Index aft its shares surged by much than 100% successful 2024. MicroStrategy remains the biggest firm holder of the starring cryptocurrency by a ample borderline with its monolithic $15 cardinal Bitcoin fortune.

After MicroStrategy, Tesla besides purchased $1.5 cardinal worthy of Bitcoin successful February 2021, but it has already liquidated a important information of that investment. 

Last month, aesculapian exertion company Semler Scientific besides decided to acquisition $40 cardinal worthy of Bitcoin. 

Overall, firm adoption of Bitcoin has failed to instrumentality off, with precise fewer non-crypto companies adding the starring cryptocurrency to their equilibrium sheets. However, caller accounting rules, which volition spell into effect adjacent year, are expected to marque it easier for companies to bargain Bitcoin.