"Hmm, do you think the price of BTC will receive a positive impact due to the purchase of Nilam Resources?"
Nilam Resources, the South American investment holding firm that is making a significant pivot into the Bitcoin (BTC) ecosystem, is reportedly planning to inject $1.7 billion to buy 24,800 units of the cryptocurrency.
As a business with different investment interests, Nilam Resources filed a Letter of Intent (LOI) with Xyberdata Ltd to purchase 100% of the common shares of a Special Purpose firm that will be established under the name MindWave and hold 24,800 BTC.
However, digital assets as stated by Nilam Resources are not HODLing, rather they will serve as collateral to raise funds for investment in projects with high returns.
Pleased to be informed that Nilam Resources has now broken the record as the first corporate firm to invest its capital into BTC investment as an underlying asset, where its approach is in line with their strategy to inject cash into high value innovation.
Nilam Resources' big plans for its new entity called BTC-backed MindWave may also involve an initial listing in the long run.
In addition, Nilam Resources has paid attention to the update on MicroStrategy founded by Michael Saylor who strongly believes that BTC can help overcome the stagnancy of gold and the decline of fiat currencies.
So here it can be seen that the news of the accumulation may contribute to sparking a recovery in BTC price which rose 7.2% to trade above the $71,000 level from $63,813 on March 24, 2024.
