Canadian augmented reality (AR) organization NexTech AR is jumping on the crypto bandwagon with plans to utilize its treasury funds to purchase $2 million of bitcoin for "capital diversification."
Declared Tuesday, the AR organization said it plans on making an initial investment of $2 million in bitcoin (BTC, +1.12%) and may add more in 2021.
As of Sept. 30, the organization had C$16.39 million (US$12.79 million) money on hand, making the investment generally 15.6% of its accessible money, assuming the $2 million investment is in U.S. dollars. An email to NexTech seeking explanation wasn't quickly replied to.
"Our investment in bitcoin is part of our new capital diversification and allocation strategy with the intent to maximize long-term value for our shareholders," said NexTech CEO Evan Gappelberg in an assertion.
Gappelberg said the investment mirrors his conviction that bitcoin is a long-term store of value with more long-term thankfulness potential than holding money, which is presently yielding 0.06%.
The CEO depicted bitcoin as a "digital version of gold," which has a total market capitalization of $10 trillion versus bitcoin's total market capitalization of $500 billion.
Gappelberg is the most recent CEO to utilize organization treasury funds to purchase bitcoin. Generally prominent among these is MicroStrategy (NASDAQ: MSTR) CEO Michael Saylor, who has burned through $1.125 billion on bitcoin to date.
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