Fintech company Valereum Plc has announced its plans to establish a Bitcoin treasury, raising funds totaling £500,000.
Plans for Bitcoin Treasury
On August 1, Valereum Plc announced plans to raise £500,000 through the issuance of approximately 16.12 million ordinary shares.
The proceeds will be used for establishing a Bitcoin reserve and for the company's expansion.
Financial Details and Offer Structure
The fundraising will be split into two parts: the first includes a firm subscription of shares worth £400,000 occurring on the day of the announcement.
A retail offer aiming to raise an additional £100,000 is also underway and is expected to finalize within the coming week.
Market Reaction and Stock Performance
Following the announcement of the Bitcoin treasury, the company’s shares dropped by 4.35% over one day, contrasting the typical market reaction to similar news from other companies.
Currently, Valereum's shares are trading at €0.033, remaining stagnant over the past five days.
Valereum Plc is looking to leverage the potential of Bitcoin to strengthen its market position, though the stock has not yet responded positively to this initiative.
