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The Nasdaq listed Greenpro Capital Corporation has revealed plans to set up a bitcoin fund using $100 million in borrowed funds. In addition to the borrowed funds, Greenpro, through its subsidiary Cryptosx, says it plans to use its own cash resources to acquire the digital asset.
The financial services firm which has its headquarters in Hong kong joins the growing list of banks, hedge funds, insurance companies and institutions holding bitcoin. In a statement announcing plans to set up the fund, Greenpro shares its “belief that bitcoin, as the world’s most widely-adopted cryptocurrency, is a reliable future store of value.” The statement also adds:
We believe the strategic management of our balance sheet, combined with the implementation of our BTC Fund and crypto strategy will produce significant future value for the company.
Furthermore, according to the statement released on December 28, the firm’s CEO CK Lee has already instructed Greenpro’s “investment bankers to raise debt in Q1, 2021 of up to US$100 million to invest in BTC.”
Meanwhile, in addition to BTC, Greenpro Capital says it also believes that “other top cryptocurrencies such as Ethereum will provide the opportunity for better returns and preserve the value of our capital over time rather than holding cash.”
From the beginning of the last quarter of 2020, BTC has been on an extended bull run as large corporations took turns in announcing that they will be holding the digital asset. According to the website that tracks public companies holding the digital asset, there are now 29 such companies.
What do you think of Greenpro’s proposed bitcoin fund? You can share your views in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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