More companies name BTC a treasury reserve asset
Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption”
Ivan Popovych/Shutterstock modified by Blockworks
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We saw bitcoin treasury strategies start to proliferate earlier this year, with Japanese investment firm Metaplanet, for example, looking to become “Asia’s first MicroStrategy” in April. More buys are coming, its CEO said over the weekend:
Medical tech company Semler Scientific, which bought $40 million of BTC in May, said this morning it acquired 215 BTC between Nov. 6 and Nov. 15. It now holds 1,273 bitcoins. DeFi Technologies purchased 110 BTC in June and had about 204 BTC in its treasury, as of Sept. 30.
Now, after the election, even more companies are apparently ready to buy and hold BTC.
Battery materials provider Solidion Technology said last week it would commit 60% of its excess cash from operations (plus a portion of raised capital) to BTC buys. It will also convert interest earnings on cash held in money market accounts to BTC.
Solidion notes “the potential for favorable regulatory frameworks and increased institutional adoption, highlighted by the recent wave of bitcoin ETFs” as reasons.
This morning, two others — China-based integrated circuit design company Nano Labs and Chicago-headquartered Cosmos Health — shared similar intentions, and rationale.
Nano Labs’ news release notes confidence in bitcoin being “a reliable store of value amidst its rising global adoption.”
Cosmos Health CEO Greg Siokas said in a statement he views both BTC and ETH “not only as potential hedges against inflation and currency devaluation but also as diversification tools offering substantial upside potential.”
Companies buying bitcoin for their treasuries is a piece of the “widespread adoption” narrative on the crypto bull case bingo card.
We continue to watch for if and when the US government, and individual states, could put similar bitcoin reserve plans in motion. It would clearly be big news and likely spur another chapter to the existing price rally.
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