The Nasdaq-based company Siebert Financial Corp. will raise up to $100 million in capital for investment in cryptocurrencies and artificial intelligence (AI) with SEC approval.
According to a statement from Siebert Financial Corp., the S-3 shelf registration statement submitted to the SEC has been approved. With this development, Siebert plans to purchase popular coins, particularly Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) among crypto assets. Additionally, a portion of the generated revenue will be used for investments in artificial intelligence technologies.
CEO John Gebbia stated, "This shelf registration is a key step in growing our technology strategy. We are securing the necessary capital access to take decisive steps in innovation areas that will shape the future of artificial intelligence, digital assets, and financial services," he said.
Competition among companies investing in cryptocurrencies is increasing. Strategy, managed by Michael Saylor, continues to be the largest institutional holder of Bitcoin with a massive reserve of 582,000 BTC. Recently, the company purchased an additional 1,045 BTC for $110.2 million.
On the other hand, in recent weeks, names like K33, Trump Media, and GameStop have also taken action to grow or establish Bitcoin reserves from scratch. Japan-based Metaplanet announced last week that it would raise $5.4 billion for Bitcoin investment.