Shares of Greenpro Capital Corp (NASDAQ: GRNQ) today surged 142% after the company announced that it intends to set up a Bitcoin ($BTC) Fund for investment.
The company said that it believes in the ongoing mass adoption of $BTC by banks, hedge funds, insurance companies and institutions has informed its belief in the cryptocurrency as a future store of value.
Greenpro, which provides corporate advisory and wealth management services, added that it believes that its $BTC fund and crypto strategy will provide significant future value for the company.
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The firm believes that top cryptocurrencies such as Bitcoin and Ethereum shall provide better returns on the firm’s capital as compared to holding cash and its other equivalents.
However, the company reassured investors that it was still committed to its incubation business model as well as its satellite and AI accounting businesses.
Greenpro CEO CK Lee said, “We fully believe in $BTC as a store of value. I’ve instructed our investment bankers to raise debt in Q1, 2021 of up to US$100 million to invest in $BTC. The Company will also invest its own cash into $BTC.”
The Company will use its subsidiary, CryptoSX to acquire its $BTC stake.
Greenpro Capital share price
Greenpro capital shares surged 142% to trade at $3.10 having rallied from Thursday’s closing price of $1.28.