Publicly traded Greenpro plans bitcoin fund as large as $100 million

Bitcoin • December 29, 2020, 12:14PM EST
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Another publicly traded company wants to invest in bitcoin. Greenpro Capital (NASDAQ:GRNQ) said it intends to set up a Bitcoin Fund for investment in an announcement Monday.

Greenpro, which calls itself a "business incubator," provides cross-border financial services for businesses and high net-worth individuals.

Its portfolio already spans banking, health, technology, wellness and art. Now Greenpro will use its subsidiary, exchange CryptoSX, to acquire bitcoin. CEO CK Lee said he's instructed Greenpro investment bankers to raise debt in Q1 up to $100 million for BTC investment, and also plans to invest Greenpro's cash in BTC. 

The firm's stock, GRNQ, saw a considerable bump after the announcement broke last night, moving from $1.38 to $2.39. It has since fallen to $1.68, according to TradingView.

Publicly traded IT company Microstrategy made similar moves in 2020, purchasing millions of BTC with funds raised through convertible debt.

AUTHOR

Aislinn Keely profile picture Aislinn Keely

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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