Another public company buys Bitcoin

Another public company buys Bitcoin

DeFi Technologies, a publicly traded company focusing on Web3 technologies, has taken a page from MicroStrategy’s playbook by announcing its own Bitcoin treasury strategy.

DeFi Technologies, a publicly traded company focusing on Web3 technologies, has taken a page from MicroStrategy’s playbook by announcing its own Bitcoin treasury strategy.

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It made an initial acquisition of 110 Bitcoins ($7.7 million) after deciding to make Bitcoin its primary reserve asset.

The company, whose shares are listed on Cboe Canada in Toronto, explained that it had acquired Bitcoin to protect the company’s assets from currency debasement. Roussy Newton, CEO of DeFi Technologies, is convinced that the company could expand its treasury thanks to the latest investment.

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Business Intelligence MicroStrategy became a pioneer in the space of corporate Bitcoin adoption with its bold bet in August 2020. The bet paid off, with co-founder Michael Saylor becoming one of the most prominent Bitcoin advocates. As reported by U.TodayThe company’s shares were recently added to the MSCI World Index after its shares rose more than 100% in 2024. MicroStrategy remains the largest corporate holder of the leading cryptocurrency by a wide margin with its massive fortune of $15 billion in Bitcoin.

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After MicroStrategy, Tesla also purchased $1.5 billion worth of Bitcoin in February 2021, but has already liquidated a substantial portion of that investment.

Last month, the medical technology company Scientific Semler He also decided to buy Bitcoin worth 40 million dollars.

Overall, corporate adoption of Bitcoin has failed to take off, with very few non-crypto companies adding the leading cryptocurrency to their balance sheets. However, new accounting rules, which go into effect next year, are expected to make it easier for companies to purchase Bitcoin.

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