DeFi Technologies (OTCMKTS: DEFTF) has become the latest public-listed firm to gain exposure to Bitcoin as part of its treasury. In the latest announcement on Monday, June 10, DeFi Technologies announced that it will be adopting Bitcoin as the primary reserve asset for its Treasury.
DeFi Technologies Buys 110 Bitcoins
The public-listed firm announced adding a total of 110 Bitcoins worth around $7.7 million as of the current price. It also comes as part of the company’s strategy to protect its reserves from monetary debasement.
“DeFi Technologies has adopted Bitcoin as its primary treasury reserve asset, purchasing 110 Bitcoins to initiate this strategy, reflecting confidence in Bitcoin’s protection from monetary debasement and potential to expand the Company’s treasury.”
Bitcoin is slowly seeping into…
— Pomp 🌪 (@APompliano) June 10, 2024
Financial technology firm DeFi Technologies works towards the convergence of traditional financial markets along with the world of decentralized finance (DeFi). DeFi Technologies remains committed to pioneering Web3 technologies within the industry, striving to democratize access to the future of finance for investors on a broad scale.
Due to the substantial disparity in value between Bitcoin and traditional assets, DeFi Technologies is of the opinion that Bitcoin holds the promise of yielding remarkable returns as its adoption continues to expand. Speaking on the development, Olivier Roussy Newton, CEO of DeFi Technologies said:
“We have adopted Bitcoin as our primary treasury reserve asset, reflecting our confidence in its role as a hedge against inflation and a safe haven from monetary debasement. As the best-performing asset over the past decade, Bitcoin offers significant short to long-term potential to expand the Company’s treasury”.
Multiple companies across the world have started growing their Bitcoin exposure as part of its Treasury. Two weeks ago, Semler Scientific announced the purchase of 580 Bitcoins worth $40 million. Similarly, Japan’s Metaplanet announced making Bitcoin the primary asset of its reserve treasury amid the depreciating Yen value.
DEFTF Stock Price Jumps 11%
The stock price of DeFi Technologies (OTCMKTS: DEFTF) shot up by a staggering 11.11% ending the trading session at $1.30 as of last Friday, June 7. The stock price has already gained a staggering 145% since the beginning of 2024.
This solid stock rally comes, as DeFi Technologies’ subsidiary Valour has made considerable loan repayments. Valour has effectively settled an extra US$5 million in existing loans, backed by 1077 ETH collateral. This repayment, accomplished without resorting to additional equity or debt, has also freed up around 2044 ETH, augmenting Valour’s operational assets.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
