Earlier today (Feb 22), BIGG Digital Assets Inc. announced a 60.7 bitcoin (BTC) acquisition for its subsidiary operational float. This recent addition places BIGG’s total bitcoin treasury at 300 BTC.
The company’s efforts have not gone unnoticed, as its previous purchases of 40 BTC on December 8, 2020, and 24.3 BTC on January 29, 2021, show its motivation to build its BTC treasury.
The move comes when the flagship crypto has flown beyond the $56k mark, recording a new all-time high yet again over the past two months. Just recently, MicroStrategy raised $1.05 billion in a debt offering to step-up its BTC holdings. Moreover, more investors want a piece of the cake as it continues to portray a lucrative future for holders.
The company acquired the BTC at approximately $44,970, raising the value of the bitcoin treasury to an estimated 21.5 million Canadian dollars, equivalent to $17.1 million (USD). In the long run, BIGG hopes to integrate Netcoins operational float with its long-term treasury holdings.
BIGG’s dedication is to provide a safe and regulated environment for a better crypto future for all investors. The company prides itself as an owner, operator, and investor in crypto-related businesses, standing for well-regulated pathways.
Redirecting Free Cash Flows to BTC Holdings
Netcoins is BIGG’s subsidiary built to allow easier and more secure ways for Canadian crypto enthusiasts to buy and sell their digital assets. Launched in 2014, Netcoins started by providing its customers across the globe with virtual BTC ATM solutions.
BIGG intends to expand its BTC holding as announced by the company on February 16, 2021. The company plans to avert free cash flows from business operations into purchasing more BTC.
BIGG CEO Mark Binns aired his beliefs about bitcoin being an ultimate store of value, suggesting it has great future potential.
Netcoins Booming Trading Volume
Binns didn’t fail to mention the growing trading volume recorded by its subsidiary Netcoins. This prompted the decision to ramp up its BTC treasury. Furthermore, it has upgraded its systems as more users increase their trading activity on the platform.
By the end of January, Netcoins had recorded a 2.4x increase in trading volume, valuing it at $81 million (CAD). According to its President Mitchell Demeter, there has been a 1,900% boost this January compared to last year.
Mitchell added that the company had the right infrastructure to ensure continued demand. She hopes that future plans will come to fruition and expects continued user growth. She also hopes to provide new products for the firm’s customers.
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