Japanese Listed Company Beat Holdings Announces Increased Investment in Bitcoin Spot ETF
Odaily Planet Daily News: Listed company Beat Holdings Ltd. stated on Thursday that it will increase its investment in Bitcoin-related ETFs, becoming the latest Tokyo-listed company to deepen its investment in digital assets amid renewed institutional interest in cryptocurrencies.
The company, listed on the Tokyo Stock Exchange's standard market, disclosed on Thursday that its board of directors approved raising the cap on crypto-related investments from $6.8 million to $34 million.
The company has purchased 131,230 shares of BlackRock's iShares Bitcoin Trust (IBIT) at an average price of $49.49 per share. The company stated in a release that given IBIT's closing price of $58.66 on May 9, Beat's unrealized gains exceed $681,000. (Decrypt)
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