Breaking: South American Nilam Resources To Buy 24800 Bitcoin (BTC)

Nilam Resources has revealed plans to invest in a Special Purpose company that will hold 24,800 Bitcoin (BTC)
By Godfrey Benjamin

Highlights

  • South American Nilam Resources is adopting a Bitcoin strategy
  • The firm plans to buy 100% stake in a company that will hold 24,800 Bitcoin
  • Nilam Resources now joins firms like MicroStrategy with robust Bitcoin holding

South America’s investment holding company Nilam Resources has announced it is making a crucial pivot into the Bitcoin (BTC) ecosystem. According to its recent update, it plans to inject as much as $1.7 billion which will ultimately be used to buy up to 24,800 Bitcoin units.

Advertisement
Advertisement

Important Pivot Into Bitcoin (BTC)

As a business with different investment interests, Nilam Resources filed a Letter of Intent (LOI) with Xyberdata Ltd to purchase 100% of the common stock of a special purpose firm. This Special Purpose firm will be established under the MindWave name and will hold the 24,800 Bitcoin it intends to acquire.

Slated to be located in Mauritius, Nilam Resources said it will take up a 100% stake in MindWave. The Bitcoin asset is not the only digital currency the firm hopes to invest in as it noted categorically that it will hold “other assets” as well. These digital currencies as noted are not designated for HODLing, rather, they will serve primarily as collateral to raise funds for investments in projects with high-yielding.

With the Latin American Bitcoin scene now waking up to digital currencies, Nilam Resources has now broken the record as the first corporate firm to invest its capital into an investment with Bitcoin as the underlying asset. The firm noted that this investment approach aligns with its strategies to inject cash into high-value innovations that cut in between the digital economy and the tech world.

The big plans Nilam Resources has for its new Bitcoin-backed MindWave entity might also involve public listing in the long run. 

Advertisement
Advertisement

The Bitcoin Revolution is Picking Up

For a corporate investment in Bitcoin as an asset class, Wall Street firms are beginning to warm up to the trend that was pioneered by American business intelligence and software firm MicroStrategy Inc. in August 2020.

Since it adopted Bitcoin as its Treasury Reserve Asset (TRA), MicroStrategy has consistently accumulated BTC, sending its total holdings to 214,246 BTC as of March 23. BlackRock, the dominant spot Bitcoin ETF issuer ranks as the top BTC holder with a total of 243,125 units of BTC.

In pushing the bullish narratives around Bitcoin, Michael Saylor, the architect of MicroStrategy’s accumulation strategy believes BTC can help cushion the stagnancy of Gold and the slump in fiat currencies. Nilam Resources seems to have been paying attention to this update.

This accumulation news might have contributed to stirring a recovery in the price of Bitcoin which is up 7.2% in the past 24 hours at the time of writing to $70,145.

Advertisement
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.