In a move to grow its Bitcoin portfolio by 500, CIMG Inc. has procured $55 million through an equity offering, while additional digital asset purchases have been designated by Strategy and Metaplanet.
A total of $55 million was secured by digital health and sales development firm CIMG Inc. through a share sale to expand its crypto treasury, adding to the list of firms that are securing capital for digital assets in the current week.
On Tuesday, 220 million common shares were issued by CIMG in exchange for 500 Bitcoin to grow its reserve holdings as part of its “financial management strategy.”
This development follows a substantial Bitcoin acquisition by Michael Saylor’s Strategy, while additional procurements were hinted at by Japan’s Metaplanet after revising its capital structure.
A Long-Term Bitcoin Strategy Is the Goal
CIMG disclosed that its shares were sold for 25 cents apiece to acquire its Bitcoin, an asset now valued at approximately $55.51 million as of the time of publication, according to CoinMarketCap data.
More Read
The firm’s board of directors affirmed its dedication to an enduring Bitcoin holding strategy to establish a solid value foundation for investors. Furthermore, chairman and CEO Wang Jianshuang added that the company’s exposure would not be limited to Bitcoin alone.
Jianshuang stated that the company plans to steadily grow its digital asset reserves, and that collaborations across the AI and crypto ecosystems, such as with Merlin Chain, will be pursued.
According to Google Finance, a closing price of $0.25 per share was recorded by CIMG Inc. (IMG) on the Nasdaq during Tuesday’s trading session, marking a 3.53% decrease for the day.
More Read
Strategy and Metaplanet Eyeing More Bitcoin
This development comes as additional efforts to bolster their reserves have been undertaken by other prominent public Bitcoin holders.
Based on a U.S. Securities and Exchange Commission filing on Tuesday, 4,048 Bitcoin were procured by Strategy for a total of $449.3 million between August 25 and Monday.
The most recent Bitcoin acquisition by Strategy was executed at an average price of $110,981 per BTC, while the cryptocurrency briefly surged above $113,000 and dropped below $108,000 on Friday, according to CoinGecko.
The most recent Bitcoin acquisitions by Strategy were financed with capital from four of its at-the-market (ATM) equity offerings.
Meanwhile, the Japanese Bitcoin accumulation firm Metaplanet has gained investor consent to overhaul its capital structure, a move that enables billions in prospective capital to be raised for its Bitcoin strategy.
Based on figures from BitcoinTreasuries.NET, a total of 636,505 Bitcoin is currently possessed by Strategy, while Metaplanet Inc has amassed 20,000 Bitcoin — making them the first- and sixth-largest public Bitcoin treasuries, respectively.
