The Nasdaq listed Greenpro Capital Corp. has announced on setting up a $100 million bitcoin fund in borrowed funds. In addition to the borrowed funds, the company also plans to use its own cash resources to acquire the digital currency. As per the announcement release, Greenpro through the strategic management of its balance sheet and a Bitcoin fund can produce a significant valuation for the company.
Greenpro Capital Set to Launch $100M Bitcoin Fund
Greenpro indicated that it believes in the ongoing mass adoption of Bitcoin by banks, hedge funds, and insurance companies. The company also endorses that Bitcoin is a reliable store of value.
The firm will be using its subsidiary crypto exchange CryptoSX to buy the digital asset. Other than Bitcoin, Greenpro believes, Ethereum too can provide better returns and a better alternative than holding cash.
CEO CK Lee already instructed the firm’s investment bankers to raise debt in Q1 2021 of up to $100 million. However, they will also buy digital gold from their cash reserves.
In an announcement release, Greenpro CEO CK Lee stated:
“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$100 million to invest in $BTC. The Company will also invest its own cash into $BTC.”
Greenpro Capital provides cross-border financial services for businesses and high net-worth individuals that include sectors such as banking, health, technology, wellness, and art.
Public Companies Looking Towards Holding Bitcoin
Following the footsteps of MicroStrategy that recently purchased an additional $650 million through debt issuance, Greenpro is the latest firm to invest in Bitcoin.
With global economic uncertainty and fiat inflation caused by the pandemic, corporations are now looking towards protecting their wealth by holding the digital asset. According to data from Bitcoin Treasuries that tracks public companies holding Bitcoin, there are now already 29 such companies.