CIMG Inc. has announced a deal regarding stock sale and Bitcoin acquisition for reserve strategy.
Deal Confirmation and Strategy
Nasdaq-listed CIMG Inc. confirmed the sale of 220 common stock shares at $0.25 per share, raising up to $55 million. The proceeds were used to acquire 500 BTC as part of the company’s treasury reserve strategy. This decision follows CIMG's announcement in Beijing to incorporate Bitcoin into its financial portfolio.
CEO Comments
Wang Jianshuang, CEO of CIMG, acknowledged that the growing interest in cryptocurrency, particularly Bitcoin, has opened new opportunities for traditional businesses to engage with blockchain technology.
*“The growth and recognition of Bitcoin have revealed opportunities for traditional enterprises to integrate organically with the innovative blockchain system. We aim to pioneer a new era of Bitcoin financial applications and become one of the companies engaged in Bitcoin finance.”*
- CITE_W_A
Current Market Conditions and Company Position
CIMG is continuing to increase its crypto reserves and expand partnerships in AI and cryptocurrency sectors. The company's stock jumped by 3.58% in premarket but later dropped by 3.53% and is trading at $0.25. Year-to-date, the stock is down 65.16%, indicating a significant decline in revenue. Currently, corporate treasuries hold around 1.5 million BTC valued at $165.3 billion, with CIMG ranked 64th among 129 public treasuries.
The introduction of a Bitcoin treasury strategy by CIMG Inc. highlights the growing interest of traditional companies in cryptocurrencies and the integration of new financial technologies.
