Dmg is buying more Bitcoin. It would be nice to know how much they have accumulated from mining.
DMG Increases its Bitcoin Exposure by Accumulating Additional BTC for its Treasury
Press Release | 03/18/2021
VANCOUVER, British Columbia, March 18, 2021 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (DMGGF:OTCQB US) (FRANKFURT:6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, today announces that its Board of Directors has approved, along with its self-mining, to incorporate a Bitcoin accumulation strategy to significantly increase the Company’s Bitcoin (“BTC”) treasury holdings. After watching for buying opportunities in the market over the last few days and weeks, DMG has started to implement this plan by executing Bitcoin purchases in the amount of roughly 220 BTC since Monday afternoon through customary cryptocurrency exchanges and direct over-the-counter (“OTC”) trades. DMG intends to periodically purchase BTC, based on market conditions, trends and corporate opportunities.
Over the long term, DMG intends to increase its Bitcoin treasury by mining and holding it. In addition, the Company will, from time to time, acquire Bitcoin through a direct investment model such as using funds which are budgeted for later capital deployments. This will allow DMG to use Bitcoin as an ideal store of value, and also as a means to transact, as needed.
“Buying Bitcoin helps to efficiently diversify DMG’s monetary holdings away from cash, and over time we intend to make BTC our treasury currency of choice,” said DMG’s COO, Sheldon Bennett. "We are well connected in this industry and therefore know that many more companies will shortly begin to add Bitcoin to their balance sheets as a hedge against the ongoing dilution and inflation. We believe this will contribute to an even stronger Bitcoin price in the coming weeks and months, from which DMG is positioned to significantly benefit.”
Moving forward, DMG will continue to implement its two-fold business strategy: to grow the corporate blockchain businesses in all of its three divisions (including but not limited to Bitcoin mining and Bitcoin pool management), and to hold newly-mined Bitcoin rewards and acquire additional Bitcoin as a treasury reserve asset, when possible.
“Just as an individual or corporate investor might hold large cash positions, so they might face significant risk of loss of value due to inflation alone. However, that risk doesn’t exist with Bitcoin, which is a deflationary asset by default, with an ever-increasing demand for this superior cryptocurrency. This demand is mainly driven by rapidly growing institutional adoption and an increasingly large demand by retail investors. Coupled with a drastically declining supply of new coins, ultimately, we expect continuously rising Bitcoin prices, which is exactly what we’ve been witnessing in the last few months. We believe Bitcoin has and will continue to have greater value than traditional currencies such as the US dollar,” added DMG’s CEO, Daniel Reitzik.
