- Canadian crypto-focused company BIGG Digital Assets bought 40 Bitcoin for long-term holding.
- This purchase increased its treasury to 189.5 BTC—or over $3.6 million in total.
- BIGG is the parent company of crypto brokerage Netcoins and Blockchain Intelligence Group.
BIGG Digital Assets, owner of Canadian crypto brokerage Netcoins and Blockchain Intelligence Group, has bought 40 additional Bitcoin (BTC) for long-term treasury holding, the company announced in a press release shared with Decrypt today.
“BIGG believes strongly in the future of Bitcoin, its store of value capability, and its future valuation potential,” the company added.
Per the release, BIGG bought this additional Bitcoin for a total of 994,160 CAD (around $777,300 USD).
Combined with crypto reserves already held, this increased the company’s treasury to roughly 189.5 BTC—or 4.65 million CAD ($3.6 million).
“BIGG ... started accumulating Bitcoin as far back as 2015. Bitcoin has appreciated substantially as an asset class over 1, 2, 5 and 10 years horizons, and we believe the potential for impactful price appreciation is stronger today than ever,” noted BIGG CEO Mark Binns.
He added that factors such as institutional involvement and mainstream adoption will likely continue to drive the price of Bitcoin up. Binns also said that BIGG expects its BTC holdings to act as self-financing assets.
As Decrypt reported, an executive at Fidelity Digital Assets recently also noted that 2020 has truly been the year for institutional adoption of Bitcoin as the crypto is having its “watershed moment.”
“What we did see in 2020 was a broader adoption of that ‘digital gold’ narrative, it began to resonate with other pockets of institutional investors,” said Christine Sandler, head of sales and marketing at Fidelity Digital Assets, adding, “So we saw a broadening of the base in terms of the types of clients that we were seeing engaging with the ecosystem.”
Meanwhile, business intelligence firm MicroStrategy—that already has the largest Bitcoin cache among public companies—plans to sell $400 million worth of convertible senior notes to buy even more Bitcoin.
Go BIGG or go home, right?
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.