Reitar Holdings, a Hong Kong-based asset management firm, announced plans to acquire $1.5 billion worth of Bitcoin in a strategic treasury shift. The firm filed for the purchase with the U.S. Securities and Exchange Commission to support its expansion strategy.
With this announcement, the firm can bolster its financial reserves. Additionally, Bitcoin will act as a hedge against fluctuations, inflation and enhance financial stability. The SEC filing was authorized by Reitar Holdings’ Head, Kin Chung Chan.
Interest in cryptocurrencies is continually rising. Recently, Webus International Limited, a Chinese company specializing in AI-driven mobility solutions, unveiled plans to purchase $300 million worth of XRP to establish a strategic reserve.