The Nasdaq listed Greenpro Capital Corporation has revealed plans to set up a Bitcoin Fund to use $100 million in borrowed funds. In addition to the borrowed funds, Greenpro, through its subsidiary Cryptosx, claims that it plans to use its own cash resources to acquire a digital asset.
The financial services firm headquartered in Hong Kong joins the growing list of banks, hedge funds, insurance companies and institutions holding bitcoin. In a statement announcing plans to set up the fund, Greenpro shares its “belief that bitcoin, as the most widely adopted cryptocurrency in the world, is a reliable value store in the future.”
“We believe the strategic management of our balance sheet, combined with the implementation of our BTC Fund and crypto strategy will produce significant future value for the company.”
The statement released on December 28,adds that the firm’s CEO CK Lee has already instructed Greenpro’s “investment bankers to raise debt in Q1, 2021 of up to US$100 million to invest in BTC.”
In addition to BTC, Greenpro Capital, meanwhile, says it also believes that “other top cryptocurrencies such as Ethereum will provide the opportunity for better returns and preserve the value of our capital over time rather than holding cash.”
BTC has been on an extended bull run since the beginning of the last quarter of 2020, as major companies have taken turns declaring that they will keep the digital asset. There are now 29 such entities, according to the website that records public companies holding digital properties.
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