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Yet another public company buys Bitcoin
Alex Dovbnja
DeFi Technologies has become the latest publicly traded company to adopt Bitcoin as its primary reserve asset
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DeFi Technologies, a publicly traded company that focuses on Web3 technologies, has done so taken a page out of MicroStrategy’s program announcing its Bitcoin treasury strategy.
It made an initial acquisition of 110 Bitcoin ($7.7 million) after deciding to make Bitcoin its main reserve asset.
The company, whose shares are listed on Cboe Canada in Toronto, explained that it acquired Bitcoin to protect the company’s assets from currency devaluation. Roussy Newton, CEO of DeFi Technologies, believes that the company could potentially expand its coffers thanks to the latest investment.
Business intelligence MicroStrategy famously became a pioneer in the field of corporate adoption of Bitcoin with its bold bet in August 2020. The bet paid off, with co-founder Michael Saylor becoming one of the most prominent proponents of Bitcoin. 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 15 billion fortune of dollars into Bitcoin.
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, medical technology company Scientific Semler he also decided to buy Bitcoin worth $40 million.
Overall, corporate adoption of Bitcoin has failed to take off, with very few non-crypto companies adding the major cryptocurrency to their balance sheets. However, the new accounting rules, which come into effect next year, are expected to make it easier for companies to buy Bitcoin.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.