I just saw the news that Merlin Chain, in collaboration with Nasdaq-listed company CIMG Inc., has launched a $55 million Bitcoin treasury.
The conclusion drawn after research is: this is a good attempt, but currently, it is more symbolic than practical.
1/ Where does the $55 million come from?
So far, companies mainly acquire Bitcoin reserves through three methods:
Direct allocation: converting part of their cash reserves into Bitcoin.
Financing purchase: raising funds through debt or equity financing to buy Bitcoin (like MicroStrategy).
ETF investment: gaining exposure through a regulatory-approved Bitcoin ETF.
CIMG Inc. falls into the first category: by selling 220 million shares of common stock, they raised $55 million to purchase 500 Bitcoins.
CIMG's innovation lies in:
The first batch of 500 BTC is on-chain through Merlin Chain's Institutional HODL+ and participates in earning interest.
Not only holding Bitcoin but also gaining additional income through the BTCfi infrastructure.
2/ What kind of company is CIMG Inc.?
Originally NuZee Coffee Company, it was renamed CIMG Inc. in October 2024, expanding its main business from a single specialty coffee to a digital health and sales development business group.
From the financial data:
2024 revenue: $1.93 million
Total assets: $5.9 million
As a small to medium-sized enterprise with a market value of less than $10 million, CIMG Inc. has undergone multiple transformations in recent years, and the company's CEO has stated that they will attempt more transformations in the crypto and AI fields in the future.
3/ Conclusion
Finally, there are a few interesting observations.
The first is, "selling 220 million shares of common stock to raise $55 million," who were they sold to? With CIMG's current market value of less than $10 million, how can such a large-scale equity dilution be digested? The answer can only be private placement. According to the news, this transaction uses the Regulation S exemption under securities law, essentially a private placement aimed at specific investors.
Second, Merlin's official statement indicates that they will continue to promote Institutional HODL, and more listed companies will definitely join in the future.
From a more macro perspective, the CIMG case represents an important trend: small to medium-sized listed companies are beginning to explore business transformation and valuation reconstruction through the allocation of crypto assets.
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