Basel Medical Group’s shares are down approximately 15% after the health company announced its intention to buy $ 1 billion in Bitcoin for its business treasure.
May 16, Basel based in Singapore said It was “in advanced discussions with a consortium of institutional investors and high individuals […] To acquire a BTC of 1 billion US dollars thanks to an innovative action exchange arrangement.
The company said that the advantages of its planned purchase include the creation of “one of the strongest assessments among health care providers focused on Asia” and “unequaled financial flexibility for mergers and acquisitions”.
He also said Bitcoin (BTC) The Treasury would help Basel “[e]Summer “a diversified base of assets for the volatility of the weather market”.
But the shareholders of the company were not sold. The Basel stock, BMGL, fell by approximately 15% on the announcement, according to data from Google Finance.
In relation: Strive to become Bitcoin Treasury Company
Feed acquisitions
In April, Basel announcement that he had acquired a health care provider by peers, Bethesda Medical, for an undisclosed sum.
The agreement marked “the start of the expansion strategy of Basel Medical Group in Singapore and on the health care market in Southeast Asia.”
The Basel management team expects the accumulation of Bitcoin to help these plans. “Our extended assessment will allow us to quickly move on strategic opportunities while we build a leading health platform on the high-growing Asian markets,” said Darren Chhoa, CEO of Basel, in a press release.
Bitcoin Business Treasuries
This is not the first time that the shareholders of a company have punished it for having announced plans for building a Bitcoin treasure.
Gamestop lost nearly $ 3 billion in market capitalization during a single day of negotiation in March as Investors have questioned the plans of the video game retailer To store Bitcoin.
“There are question points with the GameStop model. If Bitcoin will be the pivot, where does that leave everything else? ” Bret Kenwell, American investment analyst at Etoro, said Reuters in March.
Business treasury bills collectively hold about $ 80 billion in Bitcoin from May 16, according to to Bitcointheries.net data.
Bitcoin can “potentially be a precious coverage against increasing budgetary deficits, the discharge of currencies and geopolitical risks” for companies, the digital assets of the active manager Fidelity said In a 2024 report.
Review: Push tax of $ 100,000 in Bitcoin, Vitalik Visit Real Moo Deng: Asia Express
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