DeFi
DeFi Technologies adds Bitcoin to its treasury, DEFTF stock price climbs 11%
DeFi Technologies (OTCMKTS: DEFTF) has become the latest publicly traded company to gain exposure to Bitcoin as part of its treasury. In the latest announcement on Monday, June 10, DeFi Technologies announced that it will adopt Bitcoin as the primary reserve asset for its Treasury.
DeFi Technologies buys 110 Bitcoins
The publicly traded company announced the addition of a total of 110 Bitcoins worth approximately $7.7 million at the current price. This is also part of the company’s strategy to protect its reserves from currency devaluation.
Financial technology company DeFi Technologies is working to converge traditional financial markets with the world of decentralized finance (DeFi). DeFi Technologies remains committed to pioneering Web3 technologies within the industry, striving to democratize access to the future of finance for investors at scale.
Due to the substantial disparity in value between Bitcoin and traditional assets, DeFi Technologies believes that Bitcoin promises to generate remarkable returns as its adoption continues to grow. Speaking on the development, Olivier Roussy Newton, CEO of DeFi Technologies said:
“We adopted Bitcoin as the Treasury’s primary reserve asset, reflecting our confidence in its role as a hedge against inflation and a refuge against currency depreciation. As the best performing asset of the last decade, Bitcoin offers significant short- and long-term potential to grow society’s cash flow.
Many companies around the world have started increasing their exposure to Bitcoin as part of their treasury. Two weeks ago, Semler Scientific announced the purchase of 580 Bitcoins worth $40 million. In the same way, The metaplanet of Japan announced to make Bitcoin the main asset of its reserve treasury amid the depreciation in the value of the yen.
DEFTF share price jumps 11%
The stock price of DeFi Technologies (OTCMKTS: DEFTF) climbed 11.11% and ended the trading session at $1.30 last Friday, June 7. The stock price has already gained 145% since the start of 2024.
This strong stock market rally comes as DeFi Technologies subsidiary Valor has made sizable loan repayments. Valor effectively settled an additional $5 million in existing loans, backed by 1,077 ETH collateral. This repayment, made without the use of additional equity or debt, also freed up approximately 2,044 ETH, increasing Valor’s operational assets.