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169 sats \ 0 replies \ @optimism 2 Jun \ parent \ on: Reitar Logtech Announces $1.5 Billion Bitcoin Acquisition Plan news
I had to read this sentence 20x but I can't help but conclude that they're not exactly "purchasing", but they are diluting existing shareholders for USD 1.5Bln worth (emph mine):
would provide the Company with the right to purchase a certain number of BTCs held by the BTC Investor for issuance of a certain number of ordinary shares of the Company to be calculated based on the average price of BTC and the average market price of the Company’s ordinary shares at the relevant time.
This means that they're printing shares to sell and then buy BTC. What's interesting to me is: who's the counterparty that's willing to spend USD 1.5Bln to buy Reitar shares? Their total mcap is 296.61M right now lmao.
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