1 Jan

Bullish: Listed firm GreenPro Capital launches $100 million bitcoin fund

NASDAQ-traded GreenPro Capital is raising $100 million to invest in bitcoin.

GreenPro will raise the capital via a bond offering in the first quarter of 2021.

GreenPro CEO CK Lee says cryptocurrencies will preserve the value of the company’s capital better than holding cash.

GreenPro Capital, a publicly traded company on NASDAQ, has announced that it will raise up to $100 million via a debt issuance in the first quarter of 2021 to buy Bitcoin.

As Bitcoin Superstar hits all time highs and continues to attract investors with large pockets of capital, crypto-based funds are entering the market to manage some of this new demand.

Recently, the $9 billion fund SkyBridge Capital, run by former White House communications director Anthony Scaramucci, announced its foray into Bitcoin. And it appears others are following suit.

GreenPro, known by the acronym GRNQ, has publicly expressed a strong opinion of cryptocurrencies, and Bitcoin in particular, as a store of value. It also sees BTC as a hedge against inflation, according to its official press release:

“GRNQ believes that $BTC and other top cryptocurrencies such as Ethereum “ETH” offer the opportunity to earn better returns and preserve the value of our capital over time, rather than holding cash.”

GreenPro CEO CK Lee adds:

“We strongly believe in $BTC as a store of value. I have instructed our investment bankers to raise up to $100 million in debt capital in the first quarter of 2021 to invest in $BTC. The company will also invest its own cash in $BTC.”

More and more companies are looking at Bitcoin as a store of value

GreenPro is the latest company to follow this emerging trend as assets flow into what many see as “the new digital gold.” Following in the footsteps of MicroStrategy, which recently acquired an additional $650 million through debt issuance, GreenPro is another publicly traded company showing its support.

2020 is proving to be the year that institutional investors finally arrive in the crypto markets. Bitcoin could be the decentralized, immutable currency that protects corporate balance sheets.

With global economic uncertainty and a parabolic rise in fiat inflation following the spread of the pandemic, companies are looking for ways to protect their assets.

GreenPro is headquartered in Kuala Lumpur, Malaysia, and is a publicly owned and traded international organization. Much of its buying to date has come from U.S.-based companies.

But there may now be a shift as international organizations climb on board. And Bitcoin continues to make its way onto major balance sheets.

GreenPro explicitly mentions Ethereum in the memo, suggesting that it sees the second-largest cryptocurrency by market cap in a similar way to Bitcoin.