Samara Asset Group, a publicly listed asset management firm, shares rose by around 15% after it announced moves to increase its Bitcoin holdings.
On Oct. 14, the company announced that it had appointed Pareto Securities as the sole manager to organize a series of fixed-income investor meetings to raise €30 million ($32.8 million) through a senior secured Nordic bond offering.
The bond will be listed on the unregulated Oslo and Frankfurt stock exchanges, and the minimum subscription amount will be €100,000. Proceeds from the bond will be used to expand Samara’s diversified portfolio, including acquiring additional stakes in alternative investment funds and boosting its Bitcoin reserves.
Following the news, the company’s shares rose by 15% to €2.10 as of press time, according to Google Finance data.
Patrick Lowry, CEO of Samara, highlighted the firm’s growth strategy, stating:
“The proceeds will allow Samara to further expand and solidify its already robust balance sheet as we diversify into new emerging technologies through new fund investments. With Bitcoin as our primary treasury reserve asset, we also enhance our liquidity position with bond proceeds.”
In a social media post, Lowry expressed his aspiration for Samara to eventually hold as much Bitcoin as MicroStrategy, the largest corporate BTC holder in the world, with around $16 billion worth of the top crypto.
Christian Angermayer, a Samara’s Advisory Committee member, echoed this sentiment. He noted that the company’s mission is to “drive humanity forward through innovation” by investing in leading managers and builders.
Angermayer added:
“With this new dry powder, we are excited to invest in and partner with the builders of tomorrow’s most disruptive technologies and grow our Bitcoin position.”
Bitcoin adoption
Samara’s move highlights the growing trend of companies adopting Bitcoin as a treasury reserve asset.
This shift, initiated by MicroStrategy in 2020, has gained momentum this year, with several small-cap firms like Japan-based Metaplanet making significant Bitcoin investments.
Additionally, the introduction of Bitcoin exchange-traded funds (ETFs) has fueled increased institutional exposure to the crypto market, driving further interest and investment in Bitcoin.
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