The Toronto Stock Exchange’s Venture Exchange will now officially allow Canadian Bitcoin lender Bitcoin Treasury Corporation to resume its trading. Venture Exchange is TSX’s venture capital market for new companies.
The company announced On Thursday, the company announced that it would allow its shares to be traded freely on the stock exchange starting Monday. “BTCT,” With over 10,000,000 shares outstanding. More than 10,000,000 BTCT shares had been sold by the company.
After a successful brokered sale that netted 125 Million Canadian Dollars ($92 Million) the trading resumed.
BTCT sold 426,650 of its shares, each worth 10 Canadian dollars (7.32 USD), to finance the project. A capital increase was also conducted concurrently. According to Canadian securities law, the shares must be held for a period of 4 months 1 day.
Bitcoin Treasury Corporation purchases 292.8 BTC
Bitcoins were purchased using a part of the funds raised.BTC). The company purchased 292.8 BTC for a cost of approximately $31.5 million.
It is the first significant BTC buy for the company after it launched a Bitcoin acquisition and institution lending strategy. The company plans to use Bitcoin reserves as a way to provide liquidity to clients.
It plans to announce its Bitcoin price per share after the current acquisition phase has concluded, in order to offer investors an accurate picture of how much Bitcoin is worth.
Bitcoin Treasury Corporation’s (BTC) strategy reflects the growing trend of crypto companies treating Bitcoin as a liquid asset, a lending tool and an efficient way to manage capital.
Related: Bit Digital plunges 15% after $150M public offering, Ethereum pivot
Long-term investors stack up 800,000 BTC
The purchase of Bitcoin by the lending company is part of a larger trend to accumulate Bitcoins among Bitcoin long-term holders.
CryptoQuant data shows that entities who have held BTC without selling it for six months or more are likely to be able to sell them. doubled down on the asset Even though prices are at new highs.
According to the analytics firm, Bitcoin supply increased by 800.000 BTC in just 30 days, setting a record.
Darkfost, a CryptoQuant contributor, said that the new development is bringing a lot of benefits. “key signal” Long-term investors can provide valuable information that traders should consider when formulating their trading strategies.
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Source: cointelegraph.com
