Another Bitcoin Buyer? Nasdaq-Listed Reitar Logtech Plans $1.5 Billion BTC Purchase

In brief

Hong Kong-based Reitar Logtech has said it wants to buy 15,000 BTC.
The plan is to create a Bitcoin treasury, the Nasdaq-listed company said.
Reitar is the latest publicly-traded firm to announce such plans.

Nasdaq-listed Reitar Logtech is planning to buy $1.5 billion worth of Bitcoin, according to a Monday U.S. Securities and Exchange Commission filing.

The Hong Kong-based (RITR) said it was aiming to buy 15,000 BTC.

“The BTC Program will pave the way for the company to engage in logistics real estate projects which may involve digital assets in the future by establishing a reserve of digital asset through this initiative and setting up the necessary internal organization and technical infrastructure for managing such digital assets,” the company said in the 6-K SEC document.

It added that the “potential initiative” will allow it to “expand into new markets.” Reitar Logtech did not immediately respond to Decrypt‘s questions.

Reitar Logtech, which offers a range of services for logistics operators and logistic property invesstors, joins a growing list of companies aiming to provide shareholders with exposure to Bitcoin. They have been following the path of Strategy—formerly MicroStrategy—which pivoted from software development in 2020 to become the world’s largest corporate holder of Bitcoin.

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Strategy stock has soared more than 2,800% over this period. The company on Monday announced its latest Bitcoin buy of about 705 Bitcoin worth roughly $75 billion based on current price. It now holds approximately 581,000 BTC worth $60.4 billion.

Other firms on the Nasdaq are also acquiringBitcoin, with healthcare company Cosmos Health (NASDAQ: COSM), auto firm Worksport (NASDAQ: WKSP), and energy storage company KULR Technology Group (NASDAQ: KURL) all recently announcing crypto buys.

And in April, crypto and financial services giants Tether, Bitfinex, Cantor Fitzgerald, and SoftBank Group announced that they would create Twenty One, a publicly traded Bitcoin treasury company with plans to acquire 42,000 BTC—or about $4.5 billion worth.

Bitcoin was recently trading at about $104,500, down slightly over the past 24 hours according to crypto data provider CoinGecko. It is up nearly 11% year-to-date and hit a new all-time high of $111,814 in May amid a wider upturn in crypto markets.

Edited by James Rubin