Bitcoin mining firm Vortex Brands has begun acquiring MicroStrategy stock as part of a new strategy to leverage its Bitcoin-focused business model and enhance its investment holdings.
Crypto mining firm Vortex Brands has initiated a new investment strategy by acquiring shares of MicroStrategy, a move aimed at capitalizing on the company’s Bitcoin-centric approach.
With the new strategy, the Bitcoin mining firm purchased an initial 10 shares of MSTR and plans to add “at least that many shares monthly and report holdings quarterly,” an Aug. 28 press release reads. Vortex Brands CEO Todd Higley says integrating MicroStrategy stock into the firm’s portfolio will allow it to “leverage the arbitrage strategy MicroStrategy employs between the corporate public markets and the value of Bitcoin.”
“This move aligns with our positive outlook for Bitcoin and our belief in hard assets, including certain digital assets, as the preferred investment and business activity in today’s post-low-inflation environment.”
Vortex Brands CEO, Todd Higley
This strategy comes amid activity in the Bitcoin investment landscape focused on MicroStrategy as one of the largest public (BTC) holders.
Earlier in August, South Korea’s National Pension Service disclosed a significant investment in MicroStrategy, purchasing nearly $34 million worth of shares in Q2. The NPS acquired 24,500 shares at an average price of $1,377.48 each, which, following a recent 10-for-1 stock split, has resulted in a holding of 245,000 shares valued at approximately $32.3 million based on the latest closing price of $131.9.
In addition to its investment in MicroStrategy, the NPS also holds a big chunk of Coinbase shares, with 229,807 shares valued at over $45 million, reflecting the growing interest in the crypto space.
With the latest investment strategy, Vortex Brands is also preparing to unveil a new division aimed at diversifying its revenue streams while enhancing its Bitcoin mining operations to increase its crypto accumulation, the press release reads.
From: crypto.news
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