Canadian real estate conglomerate invests in Bitcoin long-term

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2021-03-26 18:59:29

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A Canadian real estate conglomerate has made a long-term investment in Bitcoin for more than 10 years in its financial plan.

According to an announcement released last Wednesday (March 17), Thornton Place Condominiums had “bought 0.4 BTC for his reserve fund with 25,000 USD (CAD) in cash with an average price of about 62,500 USD (CAD). per Bitcoin, including fees and other costs. ” Purchases are made through the Kraken cryptocurrency exchange.

The press release goes on to say that this “represents the first of a series of planned follow-up purchases, Thornton Place has now allocated an additional $ 700.00 per month for future Bitcoin purchases. hybridization on a continuous and indefinite basis. ”

Later, the announcement also mentioned that Thornton Place would “directly manage Bitcoin, instead of choosing an exchange’s custodial or trading fund service with a management fee.” The company believes this is “the first actual Bitcoin purchase by a real estate company in Canada.”

From the announcement:

“… Our Board of Directors has determined that a small investment of about 5% in the Master Reserve and 6% of the Monthly Active Fund’s contribution to Bitcoin will give Thornton Place limited access to high-performance assets that do not jeopardize any of the corporation’s and owner’s term goals. Before making investments, the Board of Directors approved a policy to adjust its management structure.

The Board’s intention is that a monthly investment of $ 700.00 from the Fund’s Operations Fund contributions will continue on a long-term and indefinite basis. We estimate a 10-year period for the investment; and will continue to evaluate the extent and performance of your investment in relation to your overall finances… ”

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