NexTech AR Solutions Corp (CSE:TAR) (OTCQB:NEXCF) (FRA:N29) reported that it has acquired an additional US$2 million worth of Bitcoin and now owns about 130.187 Bitcoins valued at around US$4 million, saying it may add more in 2021.
The company noted that its Bitcoin investment in the past week is part of its new capital diversification and allocation strategy announced on December 29, 2020, with the intent to maximize long-term value for its shareholders.
“This doubling down reflects our strong belief that Bitcoin is an excellent long-term store of value and an attractive investment asset with more long-term appreciation potential than holding cash, which is currently yielding 0.06%. Bitcoin is seen as the digital version of gold, which has a total market capitalization of $10 trillion versus Bitcoin’s total market capitalization of just $600 billion,” NexTech AR Solutions CEO Evan Gappelberg said in a statement.
READ: NexTech AR Solutions plans to make an initial investment of $2 million in Bitcoin, may add more in 2021
He added: “In 2020 our businesses, which are all part of the digital transformation, benefited as COVID-19 accelerated the adoption of new technologies such as augmented reality, AI, virtual events, cloud computing, blockchain, and eCommerce. As we enter 2021, I believe that the digital transformation has now created a paradigm shift in capital diversification to ‘digital gold’ or Bitcoin.“
“As more institutional capital allocators adapt to this new paradigm, they will be prodded to diversify their portfolio into Bitcoin, which will likely push the value of Bitcoin closer to the value of gold, meaning that over 90% of the upside for Bitcoin is still ahead of us.”
The company also announced that it expects to up-list its shares for trading on NEO on January 5, 2021, and expects a NASDAQ Capital Markets Group listing in the near future.
“We are excited to be approved and ready to be listed on the NEO, a senior exchange in Canada, which provides many tangible benefits for our shareholders including, our stock being eligible for margin trading, added liquidity and exposure to new institutional investors, which will allow our growth to continue,” Gappelberg commented.
NexTech AR Solutions has been successfully rolling out virtual and augmented reality solutions for e-commerce, education, conferences and events.
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