Nilam Resources has filed letters of intent today to acquire 100% of the common stock of a special purpose entity that will hold 24,800 Bitcoin. According to a press release, the company entered into an LOI with Xyberdata Ltd to acquire 100% of the common stock of a special purpose entity, to be established under the name MindWave. The total Bitcoin expected to be bought by the South American gold miner eclipses $1.7 billion.
“Nilam Resources, Inc., will issue a newly authorized Preferred Class of Series C Stock in exchange for 24,800 Bitcoins at a discounted rate relative to current market prices,” the company adds in the press release. Nilam says that the entity that holds the Bitcoin will also hold other digital assets that remain unnamed. The purchased Bitcoin and other digital assets will serve as collateral to raise capital for future projects under Nilam.
Also Read: Spot Bitcoin ETFs Already BlackRock & Fidelity’s Most Popular
Nilam Resources Endorses Bitcoin as the Future
Nilam Resources joins major companies worldwide like MicroStrategy in investing in the leading cryptocurrency BTC. “The Company and team have been working diligently over the last several months to finalize all agreements and due diligence necessary to proceed to a legally binding Letter of Intent (LOI),” states Pranjali More, CEO of Nilam Resources, Inc. Additionally, the company cites the ongoing crypto market rally, and labels Bitcoin as the “gold standard,” and future of digital transactions.
This news is huge for Bitcoin, which has already started its climb out of a recent bearish slump. Following reaching all-time highs, BTC slightly returned to earth and cooled its rally. However, another major company endorsing the asset will surely cause BTC to rise once again, especially with an investment north of $1B.
Also Read: Ethereum Has 2 Critical Levels Against Bitcoin: Can ETH Hit $4,000 This Week?
The latest transaction by Nilam Resources represents a step toward the future of digital transactions and change in the digital economy, according to CEO Pranjali Moore. “Transparency, innovation, and sustainability define us. We prioritize clear communication, embrace cutting-edge ideas, and invest in projects with enduring social and environmental impact.”
According to Nilam, the new class of Preferred Stock (Class C) expects to comprise several preferred shares of the Company. This entitles current holders to conversion rights upon listing on NASDAQ or another national exchange or other liquidity events.