Yet Another Company Puts Their Reserves into Bitcoin

Yet Another Company Puts Their Reserves into Bitcoin

By Abhimanyu Krishnan | News | 21 Oct 2020


According to a press release published on October 21, UK-based company Mode Global Holdings has invested 10% of its cash reserves into Bitcoin, mirroring moves made by other companies in recent months.

  • Mode Global Holdings invested 10% of its cash reserves into Bitcoin, which the company’s holdings show to be approximately $815,000; the investment amounts to 66.7 BTC
  • This makes Mode Global Holdings the first publicly traded company in the UK to make Bitcoin a part of its investment strategy
  • The company has described the move as a way to “diversify away from low-interest money market instruments in order to maximise the value of returns”
  • Director of Research at The Block, Larry Cermak, rightfully pointed out that the specific value purchased was comparatively small -- and could be a PR move in addition to an investment
  • Microstrategy has invested $425 million in Bitcoin, with CEO ; Jack Dorsey-led Square, which is deeply involved with Bitcoin, has invested $50 million into the asset

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


News
News

Official Publish0x Crypto News Channel

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.