Fold has signed an agreement to issue and sell $250 million in new shares with the aim of purchasing more Bitcoin. I said in a statement on Tuesday.
Publicly available Bitcoin Financial Services companies will sell common stock to pre-selected investors and institutions rather than public exchanges. The Phoenix-based company does not set a timeline for issuing and selling shares.
Folding stocks are down almost 3%, according to Yahoofinance data. Inventory has been down approximately 60% since the beginning of the year.
The majority of sales will be directed at strengthening Fold’s Bitcoin Corporate Treasury, if any.
Fold holds around 1,488 Bitcoins, which are over $155 million at the time of writing.
Bitcoin had recently traded around $104,500. data Provider Coingecko. It’s down almost 5% over the past seven days, exceeding $110,000.
The company’s plan to raise funds to buy more Bitcoin is mimicking Michael Saylor’s strategy, adding digital assets to its balance sheet and mimicking Michael Saylor’s strategy, focusing on accumulation of Bitcoin, so there are plans to raise funds to buy more Bitcoin.
236 complete entities hold Bitcoin at the time of publication. bitcointreasuries.net. That number includes 131 public companies. This is a number that has grown over the past few months.
The strategy reported 10 consecutive Bitcoin purchases this week, bringing it to total token holdings 592,100 Bitcoins worth more than $64 billionaccording to submissions to US federal regulators.
While companies are using Bitcoin, some analysts warn against a crypto-focused corporate strategy. Standard chartered reports are roughly half of the non-crypto public companies owned. Bitcoin’s treasure is “underwater” if The token fell below $90,000.
Edited by James Rubin
