DeFi
DeFi Technologies Adopts Bitcoin Cash Strategy — TradingView News
DeFi Technologies, a publicly traded exchange-traded product (ETP) provider and venture capital firm, announced its decision to adopt Bitcoin. BTCUSD as the company’s main cash reserve asset.
In its monthly corporate report, the company also announced that its subsidiary Valor has repaid $5 million in loans and currently has $607 million in assets under management as of May 31, 2024.
Following this announcement, the price of DeFi Technologies shares increased on Canadian stock exchanges and US over-the-counter (OTC) exchanges. Its shares are currently trading at around $1.57 on US OTC exchanges, up from the previous session’s trading range of $1.16 to $1.40.
The change in treasury strategy marks another example of a publicly traded company adopting Bitcoin; it also highlights the broader trend of institutional adoption of decentralized currency.
On May 28, shares of Semler Scientific (SMLR) soared as much as 30% after the Nasdaq-listed company announced the adoption of Bitcoin as its primary treasury asset and the purchase of 581 BTC, valued at era at $41 million.
Government institutions are also now actively exploring Bitcoin as part of their investment portfolios and treasury assets. Earlier in May, the State of Wisconsin Investment Board (SWIB), Wisconsin’s pension fund manager, announced that it had $164 million in exposure to Bitcoin exchange-traded funds.
The Japanese Government Pension Investment Fund, the world’s largest pension fund, has also launched a five-year research project to explore how digital assets like Bitcoin and traditional precious metals like gold could appear in its investment portfolio.
Although growing institutional interest in Bitcoin is difficult to quantify, data from Bitcoin exchange-traded funds (ETFs) can serve as an indicator to gauge institutional sentiment toward the asset.
According to recent data from HODL15 Capital, Bitcoin ETFs have already accumulated two months’ supply of Bitcoin generated by mining activities in the first week of June alone.