Digital well being and gross sales growth agency CIMG Inc. has raised $55 million in a share sale to develop its crypto treasury, including to the checklist of corporations elevating cash for crypto to date this week.
CIMG mentioned on Tuesday that it issued 220 million widespread shares in change for 500 Bitcoin (BTC) to develop its reserve holdings as a part of its “monetary administration technique.”
It comes after one other main Bitcoin buy by Michael Saylor’s Strategy, and Japan’s Metaplanet signalled additional acquisitions after amending its capital construction.
Long-term Bitcoin holding technique is the objective
CIMG mentioned it offered off its shares for 25 cents every to purchase its Bitcoin, which is now price roughly $55.51 million on the time of publication, in accordance to CoinMarketCap.
The firm’s board mentioned they’re “dedicated to a long-term Bitcoin holding technique” to determine a strong worth basis for buyers, with chairman and CEO Wang Jianshuang including that the corporate wouldn’t restrict publicity to only Bitcoin.
“The Company intends to proceed to extend its digital asset reserves and pursue collaborations throughout AI and crypto ecosystems, resembling Merlin Chain,” Jianshuang mentioned.
CIMG Inc. (IMG) completed Tuesday’s buying and selling session on the Nasdaq at $0.25 per share, a decline of three.53% for the day, in accordance to Google Finance.
Strategy and Metaplanet eye extra Bitcoin
It comes as different main public Bitcoin holders have been making strikes to bolster their holdings.
Strategy acquired 4,048 Bitcoin for $449.3 million between Aug. 25 and Monday, in accordance to a US Securities and Exchange Commission submitting on Tuesday.
Strategy’s newest Bitcoin buy was made at a mean value of $110,981 per BTC, because the crypto asset briefly surged above $113,000 and dropped beneath $108,000 on Friday, based on CoinGecko.
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Strategy’s newest Bitcoin purchases had been made utilizing proceeds from 4 of its at-the-market (ATM) fairness choices.
Meanwhile, Japanese Bitcoin-stacking firm Metaplanet secured shareholder approval to overtake its capital construction, clearing a path for billions in potential fundraising earmarked for its Bitcoin accumulation technique.
Strategy at the moment holds 636,505 Bitcoin, whereas Metaplanet Inc has accrued 20,000 Bitcoin — making them the first- and sixth-largest public Bitcoin treasuries, respectively, in accordance to knowledge from BitcoinTreasuries.NET.
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