The company announced Tuesday that it issued 220 million common shares in exchange for 500 BTC as part of its broader financial management strategy.
CIMG said the shares were sold at $0.25 each, and the acquired BTC is currently valued at $55.5 million, according to CoinMarketCap. The company’s board further explained that the purchase is part of a long-term Bitcoin holding plan aimed at creating a stable foundation of value for investors.
Chairman and CEO Wang Jianshuang noted that CIMG’s digital asset strategy would not be confined solely to Bitcoin. “The Company intends to continue to increase its digital asset reserves and pursue collaborations across AI and crypto ecosystems, such as Merlin Chain,” he said.
Despite the move, CIMG’s stock closed Tuesday’s trading session on the Nasdaq at $0.25, down 3.53% for the day, according to Google Finance. Still, executives see Bitcoin reserves as a way to strengthen the company’s financial positioning while aligning with the growing trend of corporate BTC adoption.
CIMG’s announcement comes amid significant activity from other major corporate Bitcoin holders.
MicroStrategy recently acquired 4,048 BTC for $449.3 million between August 25 and September 2. The purchase was made at an average price of $110,981 per BTC, funded through proceeds from four at-the-market equity offerings.
MicroStrategy remains the world’s largest public BTC holder, with a total of 636,505 BTC. Meanwhile, Japanese firm Metaplanet also advanced its Bitcoin strategy after securing shareholder approval to restructure its capital base, enabling billions in potential fundraising for future BTC purchases.
Metaplanet has already accumulated 20,000 BTC, ranking it as the sixth-largest public Bitcoin treasury, according to BitcoinTreasuries.NET.
The post CIMG Inc. Raises $55 Million to Expand Bitcoin Treasury appeared first on BitcoinLinux.com.
Go to Source
Author: coinmaker
Key Highlights Coinkite released firmware 5.6.1 for Mk4/Mk5 and 1.5.1Q for COLDCARD Q following the…
Key Highlights Brian Armstrong said stablecoins could become a default payment rail for AI agents…
Key Highlights Cody Carbone said the White House remains focused on making the U.S. the…
Key Highlights HTX says it has introduced multiple withdrawal addresses for hot-wallet funds and will…
Key Highlights CFTC said it could use its existing authority to create a new market…
AI SummaryShowOn August 16, BitMine held 5.815 million ETH valued at $11.01 billion at $1,893 each.Wednesday,…
This website uses cookies.
Read More