GreenPro Capital, a publicly-traded firm on the NASDAQ, announced that it would be raising up to $100 million through a debt offering in Q1 of 2021 to purchase Bitcoin.
With Bitcoin breaking all-time highs and continuing to attract investors with deeper pockets, crypto-based funds are coming online to manage some of this new demand.
Recently, $9 billion fund SkyBridge Capital, run by ex-White House Communications Director Anthony Scaramucci, announced its foray into Bitcoin. And it seems others are following that lead.
GreenPro, known by its ticker as GRNQ, has publicly announced a strong view on cryptocurrencies and bitcoin, in particular, as a store of value. It also sees it as a hedge against inflation, saying in the official press release:
“GRNQ believes that $BTC and other top cryptocurrencies such as Ethereum “ETH” will provide the opportunity for better returns and preserve the value of our capital over time rather than holding cash”
The CEO of GreenPro, CK Lee, added:
“We fully believe in $BTC as a store of value. I’ve instructed our investment bankers to raise debt in Q1, 2021 of up to US$100 million to invest in $BTC. The Company will also invest its own cash into $BTC.”
Yet Another Company Looks to Bitcoin as a Store of Value
GreenPro is the latest firm following this emerging trend as assets flow into what many see as the new digital gold. Following in the footsteps of MicroStrategy, which recently purchased an additional $650 million through debt issuance, GreenPro is one of a handful of publicly-traded firms showing their support.
2020 is proving to be the year in which institutional investors finally arrived. Bitcoin may be the decentralized, immutable currency that protects corporate balance sheets.
With global economic uncertainty and a parabolic increase in fiat inflation following the spread of the pandemic, companies are searching for ways to protect their wealth.
Headquartered out of Kuala Lumpur, Malaysia, GreenPro is an international organization that is publicly owned and traded. Much of the buying has so far come from US-based counterparts.
But perhaps now there is a shift as international organizations climb aboard. And Bitcoin continues to make its way onto large balance sheets.
GreenPro explicitly mentions Ethereum in the release, hinting that it views the second-largest cryptocurrency by market cap in a somewhat similar vein to Bitcoin.
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