The price of GreenPro Capital’s shares on NASDAQ rose from $1.27 to $3.09, after the statement by the Hong Kong company about plans to invest $100 million in Bitcoin in 2021.
\n
Before the start of trading on Monday, December 28, GreenPro Capital said it believes in \”the ongoing widespread adoption of Bitcoin by banks, hedge funds, insurance companies and institutions.\”
\n
Following the price spike, GRNQ shares stabilised at around $1.75 during the trading session on December 29.
\n
The stock is currently trading at $1.84, 44% above the level prior to the plan to launch the cryptocurrency fund.
\n
GRNQ intraday chart on NASDAQ from TradingView.
\n
\”We believe in Bitcoin as a store of value. I instructed our bankers to raise up to $100 million in the first quarter of 2021 with the aim of investing in Bitcoin,\” said GreenPro’s CEO C.K. Li.
\n
To invest in Bitcoin, GreenPro Capital plans to use its subsidiary CryptoSX. The firm is active in helping to build DeFi projects, organise STOs, and shape the secondary market for security tokens.
\n
Earlier, on December 21, the analytics-software company MicroStrategy Inc. purchased 29,646 BTC for $650 million.
\n
Earlier, analysts at JPMorgan Chase said that institutional investors could allocate up to $600 billion to Bitcoin.
\n
Follow ForkLog on Facebook!