DeFi Technologies Adopts Bitcoin as Primary Treasury Reserve Asset, Purchases 110 BTC.
MicroStrategy's Bitcoin strategy spurred a similar move in Canada.
DeFi Technologies has adopted Bitcoin as its primary treasury reserve asset.
The company announced that it purchased 110 BTC worth approximately 10.5 million Canadian Dollars (CAD).
By accepting Bitcoin as a primary treasury reserve asset, DeFi Technologies shows that it believes in Bitcoin's potential as a hedge against inflation and a hedge against currency depreciation.
DeFi Technologies Adopts Bitcoin as Primary Treasury Reserve Asset
DeFi Technologies, traded on the Cboe exchange in Canada under the symbol “DEFI”, announced that it has adopted Bitcoin as its primary treasury reserve asset. This decision falls in line with other global public companies that see Bitcoin as a hedge against inflation and a safeguard against currency devaluation.
A Strategic Purchase of 110 BTC
DeFi Technologies started this new policy by purchasing 110 Bitcoins. This acquisition was valued at approximately C$10.5 million (US$7.6 million). This announcement had an immediate positive impact on the company's shares, with the share price increasing by 26% to CAD $2.01, and the total market value reaching $588 million.
