Digital health and sales development firm CIMG Inc. has raised $55 million in a share sale to expand its crypto treasury, adding to the list of firms raising money for crypto so far this week.
CIMG said on Tuesday that it issued 220 million common shares in exchange for 500 Bitcoin (BTC) to expand its reserve holdings as part of its “financial management strategy.”
It comes after another major Bitcoin purchase by Michael Saylor’s Strategy, and Japan’s Metaplanet signalled further acquisitions after amending its capital structure.
Long-term Bitcoin holding strategy is the goal
CIMG said it sold off its shares for 25 cents each to buy its Bitcoin, which is now worth approximately $55.51 million at the time of publication, according to CoinMarketCap.
The company’s board said they are “committed to a long-term Bitcoin holding strategy” to establish a solid value foundation for investors, with chairman and CEO Wang Jianshuang adding that the company wouldn’t limit exposure to just Bitcoin.
“The Company intends to continue to increase its digital asset reserves and pursue collaborations across AI and crypto ecosystems, such as Merlin Chain,” Jianshuang said.
CIMG Inc. (IMG) finished Tuesday’s trading session on the Nasdaq at $0.25 per share, a decline of 3.53% for the day, according to Google Finance.
Strategy and Metaplanet eye more Bitcoin
It comes as other major public Bitcoin holders have been making moves to bolster their holdings.
Strategy acquired 4,048 Bitcoin for $449.3 million between Aug. 25 and Monday, according to a US Securities and Exchange Commission filing on Tuesday.
Strategy’s latest Bitcoin purchase was made at an average price of $110,981 per BTC, as the crypto asset briefly surged above $113,000 and dropped below $108,000 on Friday, according to CoinGecko.
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Strategy’s latest Bitcoin purchases were made using proceeds from four of its at-the-market (ATM) equity offerings.
Meanwhile, Japanese Bitcoin-stacking company Metaplanet secured shareholder approval to overhaul its capital structure, clearing a path for billions in potential fundraising earmarked for its Bitcoin accumulation strategy.
Strategy currently holds 636,505 Bitcoin, while Metaplanet Inc has accumulated 20,000 Bitcoin — making them the first- and sixth-largest public Bitcoin treasuries, respectively, according to data from BitcoinTreasuries.NET.
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