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Hong Kong's Reitar Logtech aims to purchase 1.5 billion dollars worth of Bitcoin for reserves.
In a legal filing published on Monday, Reitar Logtech Holdings Ltd., a Hong Kong-based company, announced that it is in negotiations for a strategic acquisition worth up to 1.5 billion USD in Bitcoin. This move aims to diversify its treasury reserves and promote expansion in the global logistics technology sector.
Reitar Logtech's Fund Diversification Plan
As a Nasdaq-listed company, Reitar Logtech said it is in the advanced negotiation phase with an alliance of high-net-worth institutional and individual investors, specializing in the digital asset sector. Under the proposed program, dubbed the "BTC Program," the company would have the right to buy Bitcoin held by the alliance in exchange for the issuance of common shares. The number of shares issued will be determined based on the average value of Bitcoin and the company's share price at the time of trading.
Legal filings say the plan is expected to include the acquisition of 15,000 Bitcoins, or about $1.5 billion, based on an illustrative price of $100,000 per Bitcoin. The company's management emphasized that this initiative not only helps to strengthen the balance sheet, but also ensures a core development focus on logistics technology growth.
Strategic Benefits of the Plan
Reitar Logtech expects that diversifying reserves through Bitcoin will bring many strategic benefits, including:
"This strategic fund diversification program reflects our commitment to building a solid financial platform while promoting the development of the global logistics technology platform," said John Chan, Chairman and CEO of Reitar Logtech Holdings Ltd.
Mr. Chan also emphasized: "By exploring the allocation of funds into Bitcoin, we not only strengthen our financial position but also align with the digital transformation trends in the supply chain industry."
The agreement is still under negotiation
Currently, discussions are still ongoing, and the final terms of the agreement will depend on the normal closing conditions, regulatory approvals, as well as the due diligence process. The company also notes that there is no guarantee that this agreement will be completed or that any Bitcoin will be acquired.
Mr. Giáo