ECD Automotive Design, Inc., a leading customizer of Jaguars and Land Rovers, has announced a $500 million plan to acquire and store Bitcoin in its corporate treasury. This strategy, gaining popularity among public companies, was detailed in a statement released on Monday. The Florida-based firm has entered into an equity facility agreement with ECDA Bitcoin Treasury LLC, allowing it to raise capital by selling ownership stakes to investors. The funds will primarily be used to build its Bitcoin treasury, with some allocated for general corporate purposes. CFO Ben Piggott expressed enthusiasm about this financing option, which will enhance the company's financial stability and diversify its treasury strategy. ECD's move into the cryptocurrency space is part of a broader initiative to engage with the crypto community, including a recent partnership with BitPay for crypto payments. Additionally, ECD plans to offer $21,000 credits for vehicle upgrades to the first 21 customers who purchase cars using Bitcoin, reflecting a growing trend among public companies to establish Bitcoin-based treasuries. Read more AI-generated news on: https://app.chaingpt.org/news

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