On Tuesday, at least four publicly traded companies in the United States announced plans to increase their total cryptocurrency investments by $844 million, joining the ranks of businesses seeking to profit from Bitcoin and other cryptocurrencies.
The largest financing on Tuesday came from DDC Enterprise Ltd, a Hong Kong-based ready-to-eat food seller, which announced it had signed three purchase agreements totaling $528 million, all of which will be used to expand the company's Bitcoin reserves.
This financing primarily comes from $300 million in convertible bonds, a $200 million credit line, and a $26 million equity investment. Dallas-based investment firm Anson Funds became the largest investor, while the venture capital arm of metaverse brand Animoca Brands also provided significant funding support.
DDC previously set a goal to create "the world's most valuable Bitcoin treasury" and completed its first purchase of 21 Bitcoins on May 23, exchanging approximately 255,000 shares of stock, with a total transaction value of $2.28 million.
According to DDC, the company plans to acquire 5,000 Bitcoins over the next three years—based on current market prices, it is fully capable of achieving this goal with the $528 million in funds it has secured.
Fold Holdings Inc, as the first publicly traded Bitcoin financial services company, announced on Tuesday that it has secured a $250 million equity purchase tool, with its net proceeds "primarily intended" to fund further Bitcoin acquisitions.
The agreement authorizes Fold to issue and sell up to $250 million in new shares at its discretion to fund its Bitcoin purchase plan—provided that the registration statement for the resale of these shares is approved by the Securities and Exchange Commission.
Once approved, these shares will be issued through a private placement under SEC registration rules exemption. In a private placement, companies raise funds by selling securities to private investors rather than issuing them through the public market.
At current market prices, $250 million could theoretically allow Fold to acquire approximately 2,390 Bitcoins. Even if only half of the funds are used for Bitcoin acquisitions, it would significantly increase Fold's current reserve of 1,490 Bitcoins.
Meanwhile, Bitcoin mining equipment leasing company BitMine Immersion Technologies announced that it has used funds from a recent stock issuance to purchase $16.3 million worth of Bitcoin.
The company currently holds 154.16 Bitcoins, with an average purchase price of $106,033.
BitMine executives pointed out that this purchase aligns with the company's new strategic layout to increase Bitcoin holdings through a combination of self-mining and capital raising, further reinforcing the company's commitment to accumulate as much Bitcoin as possible.
BitMine has utilized part of the funds from the issuance on June 6 to complete its first purchase of 100 Bitcoins on June 9.
On Tuesday, Nasdaq-listed biotech company Eyenovia also actively entered the cryptocurrency market, announcing it had signed a $50 million private placement agreement to establish a reserve of Hyperliquid (HYPE) tokens, positioning itself as "the first U.S. listed company to establish a long-term strategic treasury for this asset."
Hyperliquid is a decentralized cryptocurrency derivatives exchange built on its own layer one blockchain. The platform is powered by the HYPE token, which participates in staking, rewards active traders through airdrops, and various governance activities.
Eyenovia stated it will acquire over 1 million HYPE tokens—valued at approximately $40.1 million at current prices—and will stake these tokens on the Anchorage Digital cryptocurrency platform.
The company, primarily engaged in developing digital ophthalmic examination technology, also plans to rebrand as "Hyperion DeFi," with a stock ticker change to HYPD.
Eyenovia also announced the appointment of Hyunsu Jung as Chief Investment Officer and board member, who will lead the company's cryptocurrency strategy.
Hyunsu Jung noted, "We view Hyperliquid as one of the fastest-growing and most revenue-generating blockchain projects globally."
Related: Spain's BBVA Bank advises clients to allocate 7% to crypto assets
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