Bitcoin Treasury Corporation (BTCT), a Bitcoin lending company from Canada, is preparing to relist on the TSX Venture Exchange on June 30. This move comes in the context of the company just completing a fundraising of 92 million USD and purchasing nearly 300 BTC.
Before the listing, BTCT successfully raised 125 million CAD (92 million USD) with the backing of many large financial institutions. The company issued 426,650 shares at a price of 10 CAD each, and the new shares will be locked for trading for 4 months and 1 day. BTCT chose the reverse takeover (RTO) method to become a public company more quickly.
After raising funds, #BTCT spent approximately 31.6 million USD to purchase an additional 292.8 BTC at an average price of 108,588 USD/unit. This is the company's first major Bitcoin purchase since joining the race to accumulate Bitcoin and develop its institutional lending segment. BTCT stated that the amount of Bitcoin held will be a long-term investment asset and a core liquidity tool for lending, optimizing capital. The company will announce the 'Bitcoin per share' index to increase transparency for shareholders.
BTCT's move comes amid a backdrop of the market witnessing a massive accumulation wave from long-term holders (LTH) – those who have held Bitcoin for at least 6 months. According to CryptoQuant, the amount of Bitcoin held by LTH has increased by an additional 800,000 $BTC in just the last 30 days, setting a monthly record, even as Bitcoin prices are at new highs. This is seen as an 'important on-chain signal' indicating that the market may be in an accumulation phase ahead of a major price increase.
Alongside BTCT, many other companies are also continuously raising capital to accumulate Bitcoin, including:
Strategy is holding nearly 3% of the total Bitcoin supply, using financial leverage to maximize digital asset yields.
Metaplanet: Continuously issuing bonds to buy Bitcoin, raising reserves to 13,350 BTC, surpassing Tesla and ranking 7th in the world.
GameStop: Raised over 4.5 billion USD through 3 bond issuance rounds in less than 3 months to purchase additional Bitcoin.
Trump Media & Technology Group: At the end of May, this company announced raising 2.5 billion USD to establish a Bitcoin reserve fund.