Toronto-listed NexTech to acquire $ 2M in Bitcoin (BTC)

Canadian company NexTech has announced plans to acquire $ 2M worth of BTC for its treasury.

The CEO described bitcoin as a “digital version of gold”.

Canadian company NexTech, listed on the Toronto and Frankfurt stock exchanges, has announced plans to acquire $ 2 million worth of BTC for its treasury.

NexTech buys Bitcoin

Canadian company NexTech AR has planned to use its treasury funds to buy Bitcoin to „diversify its capital.“ Evan Gappelberg, CEO of NexTech explained that the company’s initial investment could reach $ 2 million.

As of September 30, the company had $ 12.8 million, which represents approximately 15.6% of its available cash . The CEO said:

Our investment in bitcoin is part of our new strategy of diversification and capital allocation, with the intention of maximizing long-term value for our shareholders.

Mr Gappelberg said the investment reflects his belief that Bitcoin is a long-term store of value with greater potential for appreciation than holding cash.

The CEO described Bitcoin as a “digital version of gold,” with a total capitalization of $ 10 trillion, while BTC’s capitalization is $ 500 billion.

In the footsteps of Mogo

The Canadian company Mogo listed on NASDAQ also wants to convert some of its cash into Bitcoin by the end of the year. Greg Feller, president of Mogo explained that the company’s initial investment could reach $ 1.5 million.

MicroStrategy remains the listed company with the most bitcoin in its possession with 70,470 BTC in cash for a current value of $ 1.87 billion.

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