There’s yet another publicly traded company moving away from holding cash and turning instead to Bitcoin.
What’s happening:
- DeFi Technologies (CBOE: DEFI) has announced they have purchased 110 Bitcoins to hold directly as an asset
Why it matters:
- Publicly traded companies opting to hold Bitcoin instead of cash is a rapidly growing trend, with healthcare company Semler Scientific (NASDAQ: SMLR) recently purchasing $40M USD of Bitcoin
- Public markets as a whole have been embracing Bitcoin after the first ever listings of spot Bitcoin ETFs in the United States, with institutions and hedge funds now having significant exposure to Bitcoin through traditional markets
Going deeper:
- DeFi Technologies has been rapidly expanding their operations with the new launch of a crypto arbitrage and trading venture known as DeFi Alpha and the official listing of the first Exchange Traded Product in the world that offers yield on Bitcoin ownership
The intrigue:
- DeFi Technologies also recently announced they would begin buying back their own shares, with plans to repurchase as much as 10% of their outstanding common shares
