Real estate giant buys 100 million bitcoin for your treasury
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If it were a public contribution company, it would be among the 30 with more Bitcoin in its possession.
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Bitcoin’s purchase was made with cash flow, without the need to issue debt.
The real estate investment company Cardone Capital reported that it acquired 1,000 Bitcoin (BTC) to its treasury as a reserve asset.
This was said by Grant Cardone, founder of the firm, through a publication in his personal account of X, on June 21. In his words, it is the first company of the United States real estate sector to form a strategic Bitcoin reserve. It is worth clarifying that there may be other private contribution companies of that item that Bitcoin has but they have not made it public.
Likewise, Cardnoe said that the goal is to add between 3,000 BTC and 5,000 BTC units this year.
The purchase made by the company amounts to just over 100 million dollars at current prices. The operation was completed using cash flow, that is, without the need to resort to debt issuance.
In this way, Cardone adopts a different strategy and unchecks from those companies that are resorting to the issuance of debt to acquire BTC, without the need to depend on their operational income, as is the case of Stategy (formerly Microstrategy) or Metaplanet, among others.
An issue to note is that, if Cardone Capital quoted on the stock market, it would be among the 30 companies with more BTC in their balances, according to data from Bitcoin Treasuries. Currently, Strategy is the firm with more BTC in its possession.
As cryptootics has reported, more and more companies adopt the strategy promoted by Strategy, the firm led by Michael Saylor, who began with the accumulation of BTC as a reserve asset in August of 2020.
