Tuesday, October 19, 2021
Home Latest News Bitcoin Canadian Firm NexTech AR Buys $2M Bitcoin to Diversify Capital

Canadian Firm NexTech AR Buys $2M Bitcoin to Diversify Capital

Canadian augmented reality (AR) company NexTech AR wants to use its treasury funds to buy $2 million of bitcoin for “capital diversification.”

Announced Tuesday, the AR company said it plans on making an initial investment of $2 million in bitcoin and may add more in 2021.

According to Coindesk, as of Sept. 30, the firm had C$16.39 million (US$12.79 million) cash on hand, making the investment nearly 15.6% of its available cash, assuming the $2 million investment is in U.S. dollars.

NexTech CEO, Evan Gappelberg said in a statement:

“Our investment in Bitcoin is part of our new capital diversification and allocation strategy with the intent to maximize long-term value for our shareholders.”

Gappelberg stated that the investment reflects his belief that bitcoin is a long-term store of value with more long-term appreciation potential than holding cash, which is now yielding 0.06%.

The CEO also described bitcoin as a “digital version of gold” which has a total market capitalization of $10 trillion versus bitcoin’s total market capitalization of $500 billion.

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