BTCT Returns to TSX Venture Exchange After $92M Raise
Bitcoin Treasury Corporation (BTCT), the Toronto cryptocurrency lending firm, will resume trading on the Toronto Stock Exchange (TSX) Venture Exchange on Monday after performing a successful raise worth $92 million. The relisting is complementary to the company’s overall Bitcoin-driven strategy.
The firm confirmed that, as of a September issue date, more than 10 million of its common stock—listed on the ticker “BTCT”—are issued and outstanding, already sold in the recent brokered offering. The $92 million gross proceeds resulted from a raise of 125 million Canadian dollars, in which BTCT sold 426,650 shares at CA$10 ($7.32) each. The shares have a four-month and one-day holding period.
BTCT Buys 292.8 BTC to Power Institutional Lending Initiative
BTCT has put some of the raise to use buying 292.8 BTC for around $31.5 million. It is BTCT’s first meaningful Bitcoin buy under its new lending and accumulation initiative. For BTCT, the Bitcoin will be used to offer liquidity services to clients, so it is not just an asset, but a lending and capital optimization tool.
The firm will release a “Bitcoin per share” figure after acquisition period, so that shareholders will be able to get more clarity on the value of its Bitcoin holdings.
Long-Term Holders Push BTC Supply to Record Levels
BTCT’s strategy is part of an overall movement in the crypto space, with long-term holders not even considering selling despite recent price spikes. CryptoQuant data indicates there has been a 800,000 BTC 30-day record accumulation in wallets that have not sold since at least six months ago.
CryptoQuant’s analyst Darkfost points out this as a “key signal” for sentiment, as it shows major holders are still bullish on Bitcoin’s long-term value despite institutional investors such as BTCT engaging actively in the market.
