German public company follows Tesla and MicroStrategy in investing in Bitcoin

SynBiotic SE, listed on several stock exchanges, announced that it has become the first publicly traded company in Germany to move part of its free liquidity into bitcoin.

“With the excessive expansion of money supply in both the euro area and the dollar area there are legitimate concerns about broad fiat money devaluation,” the firm said.

CEO Lars Müller emphasised that digital gold is the polar opposite of traditional currencies, because the supply is capped at 21 million coins. This limit is fixed and inviolable, which, in turn, is guaranteed by a decentralized cryptocurrency and blockchain system from unauthorised access, he added.

“For this reason we have greater faith in Bitcoin in the long term than in euros or dollars, where a central institution under political influence can irreversibly increase the money supply,” Müller said.

He noted that the firm operates in the cannabis and cannabis-based products sector, and in this field there is a “very positive experience using Bitcoin as a simple and digital means of payment.” According to Müller, several SynBiotic subsidiaries already accept payments in the leading cryptocurrency in addition to euros.

Users noted that SynBiotic is not the first public company in Germany to have cryptocurrency on its balance sheet.

In early January the operator of the cryptocurrency trading platform Bitcoin Group SE said that with Bitcoin overcoming the €38,000 level, the value of its digital assets exceeded €100 million. The company’s securities trade on Xetra.

Not the first one. Bitcoin Group holds more than 100mil€. https://t.co/F3jDGgsgUE

— 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa (@1EBHA1ckUWzNKN7) February 16, 2021

Earlier, the world's first publicly traded company to move part of its reserves into bitcoin — an American analytics-software provider MicroStrategy. In December the company raised $650 million in the form of debt financing.

Earlier, the company announced a new round sale of bonds totaling $600 million to increase investments in digital gold.

In early February it became known that the electric-car maker Tesla, led by Elon Musk, invested $1.5 billion in the leading cryptocurrency and intends to integrate bitcoin as a means of payment for the company's products.

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