Canadian Bitcoin lending company Bitcoin Treasury Corporation (BTCT) will officially resume trading on the Toronto Stock Exchange (TSX) Venture Exchange, TSX’s public venture capital marketplace for emerging companies.
The company announced on Thursday that its common shares would be freely traded on the exchange from Monday under the ticker “BTCT,” with over 10 million shares issued and outstanding. The company had already sold more than 10 million BTCT shares.
The trading resumption follows a brokered offering that raised 125 million Canadian dollars ($92 million) in gross proceeds.
BTCT issued 426,650 shares at 10 CA$ ($7.32) each, with the financing supported by a concurrent capital raise. The shares are subject to a holding period of four months and one day under Canadian securities laws.
Bitcoin Treasury Corporation buys 292.8 BTC
A portion of the proceeds from the raise was also used to buy Bitcoin (BTC). According to the company, it purchased 292.8 BTC at a total cost of around $31.5 million.
This marks the company’s first major BTC purchase after launching a Bitcoin accumulation and institutional lending strategy. The company wants to use its Bitcoin reserves to offer liquidity solutions to its clients.
The company said it plans to publish its initial Bitcoin per share figure after this acquisition phase concludes, aiming to give investors a clearer view of the underlying asset value per share.
Bitcoin Treasury Corporation’s strategy reflects a growing trend among crypto companies to treat Bitcoin as a speculative asset and a tool for liquidity, lending and capital efficiency.
Related: Bit Digital plunges 15% after $150M public offering, Ethereum pivot
Long-term holders stack 800,000 BTC
The lending company’s Bitcoin purchase comes amid a broader accumulation trend among long-term Bitcoin holders.
According to data from CryptoQuant, entities holding BTC for at least six months without selling have doubled down on the asset despite seeing new price highs.
The analytics company said the supply had increased by 800,000 BTC, a new 30-day record for long-term Bitcoin holders.
CryptoQuant contributor Darkfost said the development brings a “key signal” from long-term holders that can be factored into any trading strategy.
Magazine: North Korea crypto hackers tap ChatGPT, Malaysia road money siphoned: Asia Express
