Bitcoin Financial Services Firm Fold Set to Unload $250 Million on BTC Buys

Fold has entered into an agreement to issue and sell $ 250 million from its new shares, with the aim of buying more bitcoin, the company He said Tuesday in a statement.

Bitcoin Financial Services, which is publicly traded, plans to sell its shared shares to investors and institutions pre -specified instead of public exchange. The Phoenix -based company has not set a timetable for its issuance and sale.

Fold shares are traded at $ 4.57, a decrease of approximately 3 %, according to Yahoofinance Data. The stock has decreased about 60 % since the beginning of the year.

The majority of sales revenues, if any, will go to strengthening the Bitcoin Corporation.

It carries a fold of approximately 1488 Bitcoin with a value of more than $ 155 million until the time of writing.

Bitcoin has recently traded about $ 104,500, a decrease of 4 % over the past 24 hours, according to Data Coingecko provider. It has decreased by approximately 5 % over the past seven days after an increase of $ 110,000.

The company’s plans to raise funds come in an attempt to purchase more bitcoin, as it adds an increasing number of private and public companies digital assets to its public budgets in imitating the Michael Celor strategy, which was moved from software development to focus on the accumulation of bitcoin.

236 entire entities carry bitcoin as of the time of publication, up about 13 % during the past month, according to Bitcointreasuries.net. This number includes 131 public companies – a number that has grown over the past few months.

The strategy reported the purchase of the tenth consecutive bitcoin this week, bringing its total property from the distinctive symbol 592,100 bitcoin worth more than $ 64 billionAccording to its files with American federal organizers.

Although companies adopt bitcoin, some analysts warn of corporate coding strategies. A record legal report shows that nearly half of the public company is not owned Bitcoin bonds “will be under water” if The code decreased to less than $ 90,000.

Edited by James Robin