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Michael Saylor of the North? Canadian Firm NexTech AR Uses $2M of Treasury Funds to Buy Bitcoin
NexTech's Evan Gappelberg is the latest CEO to use company treasury funds to buy bitcoin.
Canadian augmented reality (AR) company NexTech AR is jumping on the crypto bandwagon with plans to use its treasury funds to buy $2 million of bitcoin for "capital diversification."
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- Announced Tuesday, the AR company said it plans on making an initial investment of $2 million in bitcoin and may add more in 2021.
- As of Sept. 30, the company had C$16.39 million (US$12.79 million) cash on hand, making the investment roughly 15.6% of its available cash, assuming the $2 million investment is in U.S. dollars. An email to NexTech seeking clarification wasn't immediately answered.
- “Our investment in bitcoin is part of our new capital diversification and allocation strategy with the intent to maximize long-term value for our shareholders,” said NexTech CEO Evan Gappelberg in a statement.
- Gappelberg said the investment reflects his belief that bitcoin is a long-term store of value with more long-term appreciation potential than holding cash, which is currently yielding 0.06%.
- The CEO described bitcoin as a "digital version of gold," which has a total market capitalization of $10 trillion versus bitcoin’s total market capitalization of $500 billion.
- Gappelberg is the latest CEO to use company treasury funds to buy bitcoin. Most prominent among these is MicroStrategy (NASDAQ: MSTR) CEO Michael Saylor, who has spent $1.125 billion on bitcoin to date.
Read more: Nasdaq-Listed Canadian Firm to Invest Over $1M in Bitcoin
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
