The British Columbia-based augmented reality firm Nextech AR Solutions announced the purchase of $2M in Bitcoin. Evan Gappelberg, Nextech’s CEO, says that the firm may add more in 2021.
Bitcoin has become a treasury reserve for several prominent companies, as a great number of businesses joined the trending bitcoin treasuries bandwagon.
Last Tuesday, the Vancouver, British Columbia company Nextech AR Solutions (OTCQB: NEXCF) announced the initial purchase of $2 million in bitcoin (BTC).
Nextech’s CEO Evan Gappelberg elaborated that there may be more bitcoin added to the reserves in 2021.
“Our investment in bitcoin is part of our new capital diversification and allocation strategy with the intent to maximize long-term value for our shareholders,” Gappelberg said. “This initial investment reflects our belief that bitcoin is a long-term store of value and an attractive investment asset with more long-term appreciation potential than holding cash, which is currently yielding 0.06%. Bitcoin is a digital version of gold which has a total market capitalization of $10 trillion versus bitcoin’s total market capitalization of only $500 billion.”
Nextech’s CEO added:
Nextech specializes in augmented reality (AR) and virtual events for businesses and institutions. The firm has team members coming from companies like Oracle, IBM, SAP, and Cisco, and last year the company launched its SaaS platform for web AR in e-commerce. The purchase of $2M in bitcoin (BTC) follows a batch of companies purchasing BTC for reserves, and a great deal of it came from Canada.
The publicly listed Canadian company Mogo announced leveraging at 1.5% of the company’s reserve assets to buy Bitcoin. Nextech’s announcement also mentioned MassMutual, Guggenheim Partners, and MicroStrategy as inspiration.
“The company feels that as the widespread adoption of bitcoin continues, the timing is right for this move,” Nextech concludes.