CIMG Inc., a digital health and sales development company, recently raised $55 million through a share sale aimed at increasing its Bitcoin reserves by 500 coins.
Long-Term Bitcoin Holding Strategy
CIMG announced it issued 220 million common shares in exchange for 500 Bitcoin (BTC) as part of its financial management strategy to grow its crypto treasury.
According to CoinMarketCap data at publication time, the company raised approximately $55.51 million for its Bitcoin acquisition. The board emphasized their commitment to maintaining a long-term Bitcoin holding strategy, aiming to create a strong value foundation for investors.
Crypto Giants Strategy and Metaplanet Increase Bitcoin Holdings
Other major corporate Bitcoin holders are also expanding their portfolios. Strategy purchased 4,048 Bitcoin for $449.3 million between August 25 and the prior Monday, disclosed in a US SEC filing on Tuesday.
These Bitcoin acquisitions were made at an average cost of about $110,981 per BTC. Meanwhile, Metaplanet, a Japanese Bitcoin-focused firm, obtained shareholder approval for capital structure changes facilitating billions in fundraising for Bitcoin accumulation.
Executive Comments and Market Performance
CIMG ended the Nasdaq trading session on Tuesday at $0.25 per share, marking a 3.53% drop for the day, as reported by Google Finance.
Chairman and CEO Wang Jianshuang commented that CIMG will not limit its digital exposure to Bitcoin alone and plans to continue increasing digital asset reserves.
The recent actions of CIMG Inc. and other major players in the cryptocurrency market highlight a continuing trend of Bitcoin accumulation, which may have significant implications for the future of the crypto industry.
