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Cryptocurrency News Articles
Samara Asset Group Prepares to Significantly Increase Its Bitcoin Holdings, Targeting Disruptive Technologies
Oct 15, 2024 at 02:10 pm
Samara Asset Group, a publicly listed asset management firm, is preparing to significantly increase its Bitcoin holdings. The company intends to allocate the funds received from a €30 million ($32.8 million) bond for investing in cryptocurrency and other assets.
Asset management firm Samara Asset Group, publicly listed on Euronext Growth Oslo, is set to increase its Bitcoin (BTC) holdings substantially. The company will be allocating funds earmarked for cryptocurrency and other assets, as part of a broader investment strategy.
In a press statement on Thursday, Samara announced the appointment of Pareto Securities to hold investor meetings regarding a potential multi-million euro bond. The senior secured bond will tap the Nordic market, with the proceeds set to be used in limited partnership interests and to buy more Bitcoin, which the firm considers a core treasury asset.
“An up to EUR 30 million bond may follow, subject to prevailing market conditions,” stated the company. Patrick Lowry, CEO of Samara, highlighted the decision as supporting the firm’s strategic plan to increase the size of its Bitcoin holdings, which the firm has been doing for several years now.
Samara targets disruptive technologies
Samara is not limited to investing in Bitcoin alone. The firm aims to back disruptive technologies by partnering with leading managers and innovators. Lowry also underlined the firm’s long-standing focus on Bitcoin, stating that Samara is now ramping up its BTC exposure as part of a broader investment theme centered on new technologies.
“We could not be more excited about this development, which aligns perfectly with SAM’s DNA,” stated Lowry. He also acknowledged a personal goal: “It’d be a dream to stack as much as Michael Saylor.” This remark relates to Saylor’s company, MicroStrategy, which has accumulated billions in Bitcoin. Recently, Saylor disclosed his goal of transforming MicroStrategy into the largest Bitcoin bank worldwide.
Samara’s Bitcoin investment strategy is akin to that of other innovative companies. Hence, by choosing Bitcoin as a primary reserve asset, SAM aims to reap long-term gains from the cryptocurrency.
Bitcoin price surges past $64,500
The news from Samara AG comes as Bitcoin price surged on Thursday, climbing above $64,500. This has been coupled with a 67% increase in trading volume and an increase in the Bitcoin futures open interest, which all indicate a positive market mood.
These shifts have not gone unnoticed by investors and analysts, with many making predictions that prices may rise even further. One such analyst is James Check, an onchain analyst who recently stated in a post on X, “Pray for the bears.” This implies that bearish traders may struggle in the next market conditions.
According to data from CoinGlass, as Bitcoin was rallying, nearly $67 million of short positions have been liquidated in the past four hours. This steep sell-off shows that the bulls are very much in control of Bitcoin as short-sellers scramble to exit their bearish bets. However, Bitcoin is still trading more than 13% lower than its historic peak which it recorded in March of this year.
Despite the recent gains, experts suggest the bulls are not fully in control. Last week, popular trader DonAlt stated that a breakthrough of the $65,000 mark is critical for the bulls.
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