A few months ago a trend started where well known businesses like Microstrategy, Square, and Tesla started adding bitcoin to their company balance sheets. Now a Canadian condominium company has decided to invest in bitcoin in order to replace some of the firm’s reserve fund with crypto. Thornton Place Condominium Corporation leveraged the cryptocurrency exchange Kraken to process the transaction.
Canadian Condo Company Purchases Bitcoin for Reserves
Crypto assets and the leading digital currency bitcoin (BTC) have been gathering steam in 2021 as assets like BTC have touched all new price highs. For instance, BTC reached an all-time high (ATH) touching $61,782 per BTC on March 14, 2021.
In 2020 and into 2021, a great number of companies have been trading cash and stocks from their treasuries in order to replace them with bitcoin (BTC). In recent times, firms have also been adding ethereum (ETH) to their balance sheets as well. On March 17, the Canadian condo business called Thornton Place Condominium Corporation announced it has purchased bitcoin (BTC).
Thornton Place is located in the capital city of the Canadian province of Saskatchewan and the organization explained it had purchased 0.4 BTC for $25,000.
The Thornton Place board members voted on the purchase and “determined that a small investment of approximately 5% of the overall Reserve Fund and 6% of the monthly Operating Fund contributions into bitcoin will permit Thornton Place to gain a limited exposure to a high-performing asset class without jeopardizing any of the long-term goals of the corporation and its owners.”
Before the vote on the purchase, …
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