Japanese AI firm Quantum Solutions is set to start investing in bitcoin (BTC) through its Hong Kong-based subsidiary, GPT Pals Studio, the company said in a press release.
The decision, approved at a board meeting on July 23, includes plans to initially purchase up to $10 million in BTC using borrowed funds. The firm aims to build a treasury of up to 3,000 BTC, currently worth around $354 million, over the next 12 months.
The company cited the depreciation of fiat currencies like the yen and rising global financial uncertainty as key drivers behind the move. Until now, neither GPT nor any of its subsidiaries had included digital assets in their balance sheets.
“In order to efficiently manage surplus funds generated from existing businesses, diversify our asset portfolio to strengthen our financial base, preserve value over the medium- to long-term, and reduce foreign exchange risks, we have decided to add bitcoin to our reserve assets,” the company wrote.
📖 Related Reading
- 📰 Crypto Daybook Americas: Institutions Pile In Amid ‘High Conviction’ That Prices Will Grind Higher
- 📰 Asia Morning Briefing: Risk of Escalating Israel-Iran Conflict Keeps BTC Around 105K Says QCP
This new line of business will be governed by a phased investment policy and a dedicated account at crypto exchange Hashkey.
Bitcoin treasuries have been growing in Japan as the country’s bond yields keep on rising. Metaplanet, Japan’s largest bitcoin treasury firm, currently has 16,352 BTC on its balance sheet, and the number of companies in the country holding the cryptocurrency has been surging.
These now include NEXON, Remixpoint, Convene, SBC Medical Group Holdings, Anap Holdings, and others, according to BitcoinTreasuries data. These companies hold 19,623 BTC in total.
The figure is still small when compared to the total amount held by the world’s largest corporate bitcoin treasury firm, Strategy, which holds 607,770 BTC on its balance sheet.
🔗 You Might Also Be Interested In
Crypto Daybook Americas: Institutions Pile In Amid ‘High Conviction’ That Prices Will Grind Higher
Asia Morning Briefing: Risk of Escalating Israel-Iran Conflict Keeps BTC Around 105K Says QCP
First Solana staking ETF hits $12M in ‘healthy’ first trading day
💡 Stay updated with the latest cryptocurrency news and insights by following our website! 🔔 Bookmark this site to get first-hand blockchain and digital currency news!