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One of the largest operators of regulated crypto exchanges in Canada is ramping up their bet on Bitcoin and Ethereum.
What’s happening:
- WonderFi (TSX: WNDR) has announced they will begin consistently purchasing Bitcoin and Ethereum to hold directly as assets
Why it matters:
- There has been a rapid rise of publicly traded companies beginning to opt for Bitcoin ownership instead of holding cash which has led to healthcare companies and even real estate holding companies acquiring Bitcoin for the very first time
By the numbers:
- WonderFi will begin purchasing $100,000 USD per week of both Bitcoin and Ethereum as part of an ongoing dollar cost averaging approach
- WonderFi previously already held 40 Bitcoins and 320 Ethereum prior to beginning their new purchases
- Approximately 324,000 Bitcoins are currently held by publicly traded companies globally, which includes significant holders such as Microstrategy (NASDAQ: MSTR) and Tesla (NASDAQ: TSLA)
Going deeper:
- DeFi Technologies (CBOE: DEFI) is another publicly traded company in Canada who recently adopted Bitcoin as a treasury reserve asset, acquiring 110 Bitcoins with their initial purchase
