DeFi Technologies, a publicly traded Canadian company, has added more cryptocurrencies to its treasury. In this regard, the company is expanding its crypto portfolio by purchasing other digital assets such as Bitcoin and Solana.
Company increases Bitcoin holdings
Cryptocoin.comAs you may have been following on , institutional firms are increasingly showing interest in the crypto space. DeFi Technologies announced on July 18 that it purchased 94.34 BTC, bringing its total Bitcoin holdings to 204.34 BTC. The company stated that the BTC purchase reinforces its commitment to being a leading digital asset and recognizes its potential as a hedge against inflation and monetary depreciation.
DeFi Technologies recently made Bitcoin the primary treasury reserve asset by purchasing 110 BTC for $7.6 million. The firm also took a significant step in its approach to Bitcoin adoption last month by investing $100 million worth of BTC on Core Chain. The company’s stock is up nearly 200% year-to-date following the move, according to Google Finance data.
DeFi Technologies has added Solana to its treasury!
Additionally, DeFi Technologies purchased 12,775 SOL tokens for its reserves. The company said it added Solana to its treasury because the asset is a “promising investment” that offers a scalable and efficient platform for a wide range of decentralized applications. It added that the blockchain network’s unparalleled growth rate makes it a suitable choice for its treasury. Solana is the fifth-largest digital asset by market cap. It has also seen strong growth over the past year, thanks to institutional adoption by payment giants like PayPal.
Another cryptocurrency choice of the company was CORE!
Meanwhile, the company plans to participate in the CORE DAO’s staking facility with 1,484,148 CORE tokens. The firm explained that CORE’s innovative staking solution allows holders to stake BTC non-custodially, increasing yield opportunities while contributing to network security and stability. DeFi Technologies said that its participation in this staking facility diversifies its revenue streams and further engages the broader DeFi ecosystem by strengthening its collaborative relationship with the CORE Foundation. DeFi Technologies CEO Olivier Roussy Newton said:
Our increased BTC holdings, SOL, strategic investment in CORE, and participation in CORE’s staking facility reflect our commitment to capitalizing on the most promising opportunities in the decentralized finance landscape. These actions not only diversify our balance sheet, but also align with our mission to bridge the gap between traditional capital markets and the innovative world of DeFi.
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