Simply put
- Reitar LogTech, based in Hong Kong, has expressed interest in acquiring 15,000 BTC.
- The intention is to establish a Bitcoin Treasury Department, according to the company’s NASDAQ listing.
- This move marks Reitar as the latest public firm to pursue such ambitions.
Reitar LogTech, which is listed on NASDAQ, is planning to invest $1.5 billion in Bitcoin, as stated in a recent application to the US Securities and Exchange Commission.
The company, identified by its ticker RITR, intends to purchase 15,000 BTC.
In a document filed with the SEC, the company noted, “The BTC program opens up avenues for engagement in logistics real estate projects that might include digital assets. We aim to establish a framework and technological infrastructure to manage these digital assets.”
They also mentioned that introducing these “potential initiatives” may enable expansion into new markets. Reitar LogTech has not yet commented further.
Offering a variety of services to logistics operators and property investors, Reitar LogTech joins a growing list of companies looking to give their shareholders exposure to Bitcoin. They seem to be following a strategy similar to MicroStrategy, which became the largest corporate holder of Bitcoin by shifting focus from software development in 2020.
Stocks in this sector have surged by over 2,800% during this time. Recently, the company announced that based on current prices, a recent acquisition of around 705 Bitcoin would be worth about $75 billion. They currently hold around 581,000 BTC, valued at approximately $60.4 billion.
Several other NASDAQ-listed companies, including healthcare firms like Cosmos Health and automotive companies like Workport, are also increasing their Bitcoin acquisitions. Additionally, KULR Technology Group, an energy storage firm, recently made similar announcements.
In April, major players in crypto and finance, such as Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group, revealed plans to create a publicly available Bitcoin treasury company, intending to acquire 42,000 BTC, or about $4.5 billion worth.
As per Crypto Data Provider Coingecko, Bitcoin is currently trading around $104,500, experiencing a slight dip over the past day. It previously reached a record high of $111,814 in May amid a significant surge in the crypto market.
