Recent significant events in the cryptocurrency market involve two public companies: Swedish H100 Group and Chinese Jiuzi Holdings.
H100 Group's Bitcoin Purchase
Swedish company H100 Group AB announced the purchase of Bitcoin worth 5 million Norwegian krone (approximately $490,830) as part of a new strategy. As a result, the company's shares rose by 37% to 1.22 Swedish krona per share. This was the company's first Bitcoin purchase, and its CEO, Sander Andersen, noted that the values of individual sovereignty inherent in the Bitcoin community align well with the customers for whom the H100 platform is being built.
Jiuzi Holdings' Strategy
Chinese company Jiuzi Holdings, engaged in electric vehicles, announced plans to acquire 1,000 Bitcoin over the next year. This initiative was approved by the board of directors, which plans to use additional stock issuance and cash purchases to achieve this asset. The company's CEO, Tao Li, expressed hope that this decision would strengthen the financial structure and profitability of the company, despite the high volatility of Bitcoin.
Bitcoin Market and Public Companies
Currently, 109 public companies have already acquired Bitcoin as a treasury asset. This trend is becoming increasingly popular as Bitcoin is seen as a hedge against inflation and a means to strengthen companies' financial positions. Shares of Jiuzi Holdings also rose by 7.3% following the Bitcoin acquisition announcement, although this increase is smaller compared to other companies.
The purchases of Bitcoin by public companies such as H100 Group and Jiuzi Holdings highlight the growing popularity of this asset as a means of capital preservation and a strategic tool in their business models.
