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On October 14 announcementMalta-based Samara Asset Group has revealed plans to expand its Bitcoin (BTC) holdings with proceeds from a $32.8 million bond issue.
Samara Targets 1,000 Bitcoin Milestone
Publicly-listed asset management company Samara has announced that it has appointed investment bank Pareto Securities as sole manager to organize a series of meetings for low-income investors for a Nordic bond issue of up to €30 million or $32.8 million.
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Notably, the proceeds of the bond issue will be used to expand Samara’s existing investment portfolio by acquiring additional limited partnership stakes in other investment funds.
Additionally, the funds raised will help Samara increase its Bitcoin holdings. The company has confirmed that it uses BTC as its “primary treasury stock,” and currently holds “approximately 421 BTC,” according to CEO Patrick Lowry. Commenting on this development, Lowry said:
The proceeds will allow Samara to further expand and strengthen its already strong balance sheet as it transitions into new emerging technologies through the new fund’s investment. With Bitcoin as our primary treasury asset, we also enhance our income position through bond yields.
He added that Samara has been holding BTC for “years” and aims to increase its reserves while investing in disruptive technologies. Lowry also pointed out that, although it may be a challenge, “it would be a dream to collect as much as Michael Saylor,” CEO of MicroStrategy.
In accordance with data from CoinGecko, MicroStrategy leads the global list of publicly traded companies that buy BTC from corporate treasury. As of October 14, MicroStrategy has held In addition to 252,000 BTC or about 1.2% of the total amount in circulation.
Saylor also talked a lot about sharing Bitcoin’s price goals. In September 2024, CEO of MicroStrategy predicted that BTC could rise to $13 million by 2045.
BTC Remains Favorite Digital Asset Ahead Of ETH, SOL
Despite the rapid development of smart contract ecosystems such as Ethereum (ETH) and Solana (SOL), Bitcoin remains the leading choice for companies as part of their treasury management strategy.
There are several factors that contribute to Bitcoin’s dominance in institutional adoption. For example, the US Securities and Exchange Commission’s (SEC) approval of Bitcoin exchange-traded funds (ETFs) has solidified BTC as a legally transparent digital asset.
Although the Ethereum ETF has also received regulatory approval, it is the second largest cryptocurrency by market cap he is not seen the same level of institutional recognition on corporate balance sheets.
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In related news, Japan’s Metaplanet has also been working to strengthen its Bitcoin reserves. In September 2024, the original investment company said it had bought another $2 million in BTC. Bitcoin is trading at $65,995 at press timeup 6.1% in the last 24 hours.
Featured image from Unsplash.com, Chart from TradingView.com
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