Digital health and sales development company CIMG Inc. raised $55 million through a stock offering to expand its cryptocurrency treasury, joining the ranks of companies fundraising for cryptocurrency this week.
CIMG announced on Tuesday that as part of its "financial management strategy," the company issued 220 million shares of common stock in exchange for 500 bitcoins (BTC) to increase its reserve holdings.
Previously, Michael Saylor's Strategy company made another large-scale bitcoin purchase, and Japan's Metaplanet company signaled further acquisitions after restructuring its capital.
CIMG stated that it sold shares at a price of $0.25 each to purchase bitcoins, which were valued at approximately $55.51 million at the time of writing, according to CoinMarketCap data.
The company's board expressed their "commitment to a long-term bitcoin holding strategy," establishing a solid value foundation for investors. Chairman and CEO Wang Jianshuang added that the company would not limit its exposure solely to bitcoin.
"The company intends to continue increasing its digital asset reserves and seek collaborations in the artificial intelligence and cryptocurrency ecosystem, such as with Merlin Chain," Jianshuang said.
According to Google Finance data, CIMG Inc. (IMG) closed at $0.25 per share on Nasdaq on Tuesday, down 3.53% for the day.
Meanwhile, other major public bitcoin holders are also taking action to enhance their holdings.
According to documents filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday, Strategy acquired 4,048 bitcoins for $449.3 million between August 25 and Monday.
According to CoinGecko data, the average price of Strategy's latest bitcoin purchase was $110,981 per coin, when the cryptocurrency briefly surged above $113,000 and fell below $108,000 on Friday.
The funding for Strategy's latest bitcoin purchase came from the proceeds of its four at-the-market (ATM) stock offerings.
Meanwhile, Japanese bitcoin accumulation company Metaplanet received shareholder approval for a comprehensive reform of its capital structure, clearing the way for potential fundraising in the billions of dollars, specifically for its bitcoin accumulation strategy.
According to BitcoinTreasuries.NET data, Strategy currently holds 636,505 bitcoins, while Metaplanet Inc. has accumulated 20,000 bitcoins, making them the first and sixth largest public bitcoin treasuries, respectively.
Related: The wave of crypto IPOs rises, Figure Technology seeks public listing with a valuation of $4 billion.
Original: “CIMG Inc. raises $55 million through stock offering to purchase bitcoin (BTC)”
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