Hong Kong-based Reitar Logtech Holdings plans to purchase $1.5 billion worth of the leading cryptocurrency, according to a filing with the SEC.
The firm operates in the real estate and logistics technology sectors.
The primary aim is to “strengthen treasury reserves.” The acquisition is also intended to accelerate the company’s global expansion. Reitar Logtech plans to use the leading cryptocurrency as a hedge against volatility in traditional markets and to enhance financial stability.
The SEC filing was signed by Kin Chun Chan, who holds the positions of director, chairman, and chief executive officer of the firm. The company has not yet specified the timeline for the bitcoin acquisition.
In May, experts at Bernstein predicted that corporate bitcoin reserves could grow to $330 billion by 2029.
Jess Myers from Moon forecasted an increase in the share of digital gold on corporate balance sheets to 50% by 2045.
Later, Hong Kong’s DDC Enterprise began implementing a plan to acquire 5,000 BTC over the next three years.