As Bitcoin price continues to grow, more and more investors are jumping onboard the crypto train. Right after Greenpro Capital (GRNQ) announced the launch of a Bitcoin fund, the company’s shares went up 101%.
Greenpro Capital announced on December 28, 2020, that it intends to launch a BTC fund as it believes that Bitcoin will soon be adopted by the leading financial stakeholders, including banks, hedge funds, insurance companies, and other key institutions.
“We believe the strategic management of our balance sheet, combined with the implementation of our $BTC Fund and crypto strategy will produce significant future value for the Company,” the statement reads.
According to the company, BTC and altcoins, like Ethereum, “will provide the opportunity for better returns and preserve the value of our capital over time rather than holding cash.” GRNQ also posits that BTC is a reliable store of value.
Greenpro CEO CK Lee said, “We fully believe in $BTC as a store of value. I’ve instructed our investment bankers to raise debt in Q1, 2021 of up to US$100M to invest in $BTC. The Company will also invest its own cash into $BTC.”
According to reports, the company will use CryptoSX, its subsidiary, to buy the BTC stake.
The company is headquartered in Kuala Lumpur and has several offices in Asia. It describes itself as a business incubator “with a diversified business portfolio comprising finance, technology, banking, CryptoSx for STOs, health and wellness, and fine art.”
At the moment, the company’s stocks are valued at $2.0500.
As time goes by, more and more institutional investors are moving into the cryptocurrency ecosystem. Massachusetts Mutual Life Insurance Co. recently purchased $100 million in BTC. Fidelity Digital Assets will now allow institutional customers to use BTC as collateral for cash loans. MicroStrategy recently increased their BTC holdings to roughly 62,000 bitcoins.
BTC is Garnering Attention
In the past couple of weeks, Bitcoin has garnered a lot of attention because of its skyrocketing price. The mother-of-all-cryptocurrencies is trading at $34,478.66, which is a new all-time high.
Just recently, Paul Tudor Jones, the American billionaire, and hedge fund manager, said that BTC could turn into digital gold in the next 20 years.
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