Toronto-based Belgravia Hartford Capital has announced that it has completed the first purchase of the company’s Bitcoin treasury strategy, following a path similar to that of the U.S.-based Strategy (formerly MicroStrategy).
As per the announcement, the company acquired 4.86 BTC at an average price of about $102,848 per coin, including all related costs. The company has used $500,000 from its new $5 million credit facility to make the purchase. The funding came from Round13 Digital Asset Fund, which agreed to provide up to $5 million in support.
Mehdi Azodi, CEO of Belgravia, said, “We’re happy to have entered the Bitcoin market at this moment.” He added that both Belgravia and Round13 Digital Asset Fund will continue keeping a close watch on their Bitcoin holdings and the credit facility. “We believe this summer will be an exciting time not just for Belgravia, but for the entire crypto space,” he said.
In addition to the Bitcoin move, Belgravia shared a tax update. After filing its 2023 tax return, the company now holds over CAD $44 million in non-capital losses. These can be used to offset future taxes. Belgravia’s team is exploring ways to turn this into a financial advantage that will benefit shareholders and support their Bitcoin strategy.
Last week, Canadian firm SolarBank added Bitcoin to its treasury reserves as part of a long-term financial strategy. It has applied to open a Coinbase Prime account for secure Bitcoin storage and access to digital asset tools.
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