On May 12th, COINOTAG reported that Beat Holdings Ltd., a publicly traded entity, announced a significant expansion of its investment strategy into Bitcoin-related Exchange-Traded Funds (ETFs). This move positions Beat Holdings as a notable player in the growing trend of institutional investment in cryptocurrency, following a wave of similar commitments from other Tokyo-listed firms. The company, which operates under the auspices of the Tokyo Stock Exchange’s Standard Market, revealed that its board has approved a substantial increase in its cryptocurrency investment cap, escalating from $6.8 million to an impressive $34 million.
In a strategic acquisition, Beat Holdings has secured 131,230 shares of BlackRock’s iShares Bitcoin Trust (IBIT), purchasing them at an average price of $49.49 each. As of May 9th, with IBIT’s market close at $58.66, this investment has already yielded unrealized gains surpassing $681,000. This proactive approach underscores Beat Holdings’ commitment to navigating the evolving landscape of digital assets.