BIGG Digital Assets, a Canadian crypto company, revealed this week that it bought 40 additional bitcoins for long-term treasury holding. The purchase increased BIGG’s reserves to 189.5 bitcoins valued at US$3.63 million in total.
The Canadian Securities Exchange-listed firm spent about CAD$1 million ($775,000) on its latest buy. The company said it “believes strongly in the future of bitcoin, its store of value capability, and its future valuation potential.”
Mark Binns, chief executive officer of BIGG, noted that his company, owners of crypto brokerage Netcoins and data analytics firm Blockchain Intelligence Group, started accumulating bitcoin (BTC) as far back as 2015.
“Bitcoin has appreciated substantially as an asset class over 1, 2, 5 and 10 years horizons, and we believe the potential for impactful price appreciation is stronger today than ever,” he said, in an email statement to news.Bitcoin.com.
“Institutional involvement and buying, and mainstream adoption, will continue to drive the price of bitcoin as supply remains capped. We believe our bitcoin holdings can act as self financing, over time,” he added.
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Institutional adoption has helped the price of bitcoin to scale past all-time highs, reaching $19,864 on Nov. 30. Microstrategy, led by its very bullish CEO Michael Saylor, has become the poster boy of this emerging corporate trend, grabbing $425 million in bitcoin in August and September.
The company now owns 40,824 BTC, the largest holding of any publicly traded entity, having added another $50 million worth of the asset on Dec. 4. But Microstrategy is not done just yet. Saylor announced on Monday that the company plans to sell $400 million in convertible bonds to buy even more bitcoin.
Recently, Cypherpunk Holdings, a Toronto-based outfit, sold all of its ethereum and monero holdings and put all of the proceeds into bitcoin, increasing its treasury reserve to 276.479 BTC.
What do think about BIGG increasing its long-term bitcoin holdings? Let us know in the comments section below.
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