Mercurity Fintech raising $800 million to fund bitcoin treasury
Mercurity Fintech, a New York-based company that focuses on blockchain technology and artificial intelligence infrastructure, has become the newest entrant in adopting bitcoin for its corporate treasury.
On Wednesday, the firm announced it’s raising $800 million to acquire bitcoin and establish a treasury reserve composed of the cryptocurrency. The press release said:
“The objective is to transition a portion of the Company’s treasury into a yield-generating, blockchain-aligned reserve structure that reinforces long-duration asset exposure and balance sheet resilience.”
The announcement also included the company may be added to the Russell 2000 or Russell 3000 index, which “could broaden the Company’s exposure to institutional investors.”
Shares of Mercurity Fintech surged in premarket trading as much as 33% on the announcement, but have given up all those gains to trade down 2% in early trading. Year to date, the company’s stock has slumped about 40%.
On Wednesday, the firm announced it’s raising $800 million to acquire bitcoin and establish a treasury reserve composed of the cryptocurrency. The press release said:
“The objective is to transition a portion of the Company’s treasury into a yield-generating, blockchain-aligned reserve structure that reinforces long-duration asset exposure and balance sheet resilience.”
The announcement also included the company may be added to the Russell 2000 or Russell 3000 index, which “could broaden the Company’s exposure to institutional investors.”
Shares of Mercurity Fintech surged in premarket trading as much as 33% on the announcement, but have given up all those gains to trade down 2% in early trading. Year to date, the company’s stock has slumped about 40%.
