A South American gold miner buys $1.70 billion in bitcoins
Neelam Resources, a South American gold miner, has announced a strategic shift to Bitcoin. Among other assets, he listed MindWave's largest acquisition, which holds an impressive 24,800 BTC.
This shift represents the flow of billions of dollars into cryptocurrencies, indicating a strong belief in Bitcoin's value and potential.
A gold miner buys Bitcoin
Pranjali More, Chief Executive Officer, Neelam Resources, highlighted the efforts and due diligence that have gone into this strategic direction.
“This acquisition and the resulting strategic partnership align with Nila's vision, mission and core values—the future of finance is inclusive and sustainable, pioneering transparent, valuable solutions driving positive change in the digital economy,” he added.
The deal involves the issuance of newly authorized preferred Series C shares to Neelam Resources. These will be exchanged for 24,800 BTC at a reduced price from the current market prices.
This arrangement is aimed at enriching Neelam's portfolio of resources and increasing its ability to finance high yielding projects.
Read more: Bitcoin price prediction for 2024/2025/2030
The embrace of Bitcoin by Neelam Resources reflects the widespread acceptance of cryptocurrency as a legitimate and valuable asset in the financial system. As the acquisition moves toward finalizing a Letter of Intent (LOI) into a legally binding agreement, it will consider potential impacts on the cryptocurrency market and traditional investment sectors.
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