June 16, 2024
Bitcoin News

DeFi Technologies Embraces Bitcoin as Primary Treasury Asset

DeFi Technologies, a prominent exchange-traded product (ETP) provider and venture capital firm, has announced a pivotal move in its corporate strategy. The company revealed its decision to make Bitcoin (BTC) its primary treasury reserve asset, aligning with the growing trend of institutional adoption of the decentralized currency.

Financial Milestones and Market Response

In its monthly corporate report, DeFi Technologies disclosed that its subsidiary, Valour, has repaid $5 million in loans, signaling robust financial health. Furthermore, with assets under management totaling $607 million as of May 31, 2024, the company exhibits substantial growth and stability in its operations.

Following this announcement, DeFi Technologies experienced a surge in share prices across Canadian stock exchanges and U.S. over-the-counter (OTC) exchanges. The company’s shares, now trading at approximately $1.57 on U.S. OTC exchanges, mark a notable increase from the previous session’s range of $1.16 to $1.40.

DeFi Technologies’ price on U.S. OTC exchanges. Source: TradingView

Institutional Adoption on the Rise

DeFi Technologies’ strategic shift underscores a broader movement among publicly listed companies towards Bitcoin adoption. This trend extends to government institutions, as evidenced by the State of Wisconsin Investment Board (SWIB) and Japan’s Government Pension Investment Fund exploring Bitcoin as part of their investment portfolios.

Additionally, Semler Scientific’s recent announcement of Bitcoin adoption as its primary treasury asset, accompanied by a substantial BTC purchase, resulted in a significant uptick in share prices. Similarly, the accumulating Bitcoin supply through Bitcoin exchange-traded funds (ETFs) indicates heightened institutional interest in the cryptocurrency.

As institutional players increasingly integrate Bitcoin into their financial strategies, the cryptocurrency’s role as a mainstream asset class continues to evolve, reshaping the landscape of traditional finance.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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