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Bitwise has proposed the Bitcoin Standard Corporations ETF, targeting publicly traded companies that hold at least 1,000 BTC in their treasuries. The fund will weigh holdings based on the market value of Bitcoin assets, with a maximum of 25% per company, and will update its index quarterly. This initiative reflects a growing trend of corporate adoption of Bitcoin, with firms like MicroStrategy and KULR Technology Group leading the way.
KULR Technology Group has made a significant entry into the Bitcoin market with a $21 million purchase of 217.18 BTC, averaging $96,556 per Bitcoin, as part of its new treasury strategy. Following this announcement, the company's stock surged by 30%, reaching $4.55. This move aligns KULR with a growing trend of companies integrating Bitcoin into their balance sheets, similar to strategies employed by firms like MicroStrategy.
KULR Technology Group has launched its Bitcoin treasury with a $21 million purchase of 217.18 BTC at an average price of $96,556.53 per coin. Inspired by MicroStrategy's approach, KULR plans to allocate up to 90% of its surplus cash into Bitcoin, with positive shareholder support for this strategy. Other companies, including Matador Technologies and Quantum BioPharma, have also recently added Bitcoin to their balance sheets as part of long-term capital preservation strategies.
Matador Technologies, a Canadian firm focused on real-world asset tokenization, has added Bitcoin to its treasury as part of a long-term capital preservation strategy. The company plans to invest $4.5 million in Bitcoin and convert most of its cash from Canadian to US dollars, citing concerns over the devaluation of Canadian assets. This move supports the development of a digital gold platform that will allow users to buy, trade, and store tokenized gold backed by physical reserves.
Matador Technologies, a Canadian crypto firm, plans to adopt Bitcoin as a treasury reserve asset, starting with a $4.5 million purchase. The company, which aims to launch a platform for trading digital representations of gold by early 2025, has seen its stock price drop 35% since its recent debut on the TSX Venture Exchange. Meanwhile, Bitcoin's price has fallen below $93,000, marking its lowest point in nearly a month, as market conditions shift.
Matador Technologies Inc.
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