Bitcoin treasury strategies are gaining traction among Canadian firms, and Belgravia Hartford, a publicly traded investment firm based in Toronto, is boosting its reserves with fresh capital.
According to a June 26 release, Belgravia Hartford has pulled another $1 million from its credit line with Round13 Digital Asset Fund, a venture firm focused on blockchain investments.
This brings the total amount accessed so far to $1.5 million, all of which will go toward buying Bitcoin (BTC) as part of the company’s ongoing treasury strategy. The BTC purchases will be made via the Canadian cryptocurrency exchange Coinsquare’s regulated OTC desk.
Belgravia’s latest move follows a series of Bitcoin purchases over the past months, including a June 20 acquisition of approximately 1.5 BTC for roughly $161,000. The firm’s treasury holds roughly 6.4, worth slightly over $685,000 at current prices.
Belgravia CEO Mehdi Azodi emphasized the company’s commitment to building a BTC-focused reserve.
“As a micro-cap, we have determined regularly adding BTC to the balance sheet is our best use and store of funds and that such activity is currently imperative for accretive growth in shareholder value,” he said. “We intend to continue using Company funds for BTC purchases by way of ongoing cash injections from the exercise of existing and already issued convertible securities.”
The investment company also recently announced a fully Bitcoin-focused private placement to accelerate the growth of its treasury, joining a growing number of Canadian firms tapping BTC as a reserve asset.
Canada’s Bitcoin Treasury Corporation buys 292 BTC, launches lending
On the same day, Bitcoin Treasury Corporation, the Canadian-based company focused on institutional-grade Bitcoin services, disclosed its acquisition of 292.80 BTC for approximately $31.5 million.
Funded through a recent $125 million share offering, the purchase marks the official start of Bitcoin Treasury Corporation’s accumulation strategy, bringing its total holdings to 292.80 BTC.
The corporation will use its Bitcoin holdings to offer lending services to institutions, helping provide liquidity while managing risk. The company sees Bitcoin not just as a long-term reserve, but also as a key part of how it runs its business and earns revenue.
Bitcoin Treasury Corporation has emphasized its belief in Bitcoin’s long-term potential and aims to build shareholder value through strategic accumulation and active use of the asset.