Belgravia Hartford Capital Enters Bitcoin Market, Buys 4.86 BTC for $500K
Belgravia Hartford Capital Inc. (CSE:BLGV) has entered the Bitcoin market, purchasing 4.86 BTC for USD $500,000. This move is part of the company's new Bitcoin treasury strategy, aiming to diversify its reserves. Belgravia joins a growing list of 226 companies and entities adopting Bitcoin, with Know Labs, Inc. (NYSE American: KNW) also announcing a Bitcoin treasury strategy, starting with 1,000 Bitcoin.
Belgravia's foray into Bitcoin comes after the company reported a CAD $44.1 million non-capital tax loss in its 2023 return. To monetize this loss and support its Bitcoin treasury strategy, Belgravia is exploring various options. The company has already drawn its first full tranche from a $5 million credit facility with Round13 Digital Asset Fund L.P.
Belgravia purchased its Bitcoin at an average price of $102,848 per BTC. The company's entrepreneurial advisors, though not publicly disclosed, are working on maximizing the CAD $44 million non-capital loss to bolster Belgravia's overall corporate budget and Bitcoin treasury reserve strategy.
Belgravia's Bitcoin acquisition signals a shift in the company's investment strategy. With a 20-year carry-forward period for the CAD $44 million non-capital loss, Belgravia has time to optimize its Bitcoin holdings and potentially benefit from the cryptocurrency's volatility. As more companies adopt Bitcoin, Belgravia joins a growing trend in corporate treasury management.
