Another NASDAQ Traded Company to invest $100M in Bitcoin

Alike MicroStrategy’s strategy to issue $100 million worth of debt to buy Bitcoin, a publicly-traded company also plans to do the same. The Malaysian section of GreenPro Capital (NASDAQ:GRNQ) is a corporate advisory and investment firm, that plans to invest their holdings as well. 

The firm stated also that, 

“GRNQ believes that BTC and other top cryptocurrencies such as Ethereum ‘ETH’ will provide the opportunity for better returns and preserve the value of our capital over time rather than holding cash. We also remain committed to our incubation business model as well as our satellite and A.I. accounting businesses.”

GreenPro has a market cap of $100 million with $11 million in assets and about $1 million as its quarterly revenue. 

Hence, it will be interesting to see if the firm can raise funds to buy bitcoin. The CEO, CK Lee said that, 

“We fully believe in BTC as a store of value. I’ve instructed our investment bankers to raise debt in Q1, 2021 of up to US$100 million to invest in BTC. The Company will also invest its own cash into BTC.”

Considering GreenPro as the latest company to diversify into Bitcoin after MicroStrategy and Square, they have seen their investment getting doubled. MicroStrategy’s $1 billion bets are now $2 billion, making wonders for the stock price to rise from $100 to $425. 

Their decision to diversify is now having an adverse effect, with corporate treasuries to decide whether to hold bitcoin along with their euros and dollars. 

Also Read: Grayscale Eliminates XRP From Its Digital Large Cap Fund