CIMG Raises $55M for Bitcoin Acquisition

CIMG Inc., a firm listed on Nasdaq, announced on Tuesday that it has successfully completed a $55 million capital raise aimed at acquiring Bitcoin. This funding was secured through the sale of 220 million shares of common stock at a price of $0.25 per share. The proceeds will be used to purchase 500 BTC, as detailed in the company's press release. CIMG's board of directors stated, "We are committed to a long-term Bitcoin holding strategy, building a robust Bitcoin reserve through a sound financial system to establish a solid value foundation for our investors." Chairman and CEO Wang Jianshuang highlighted that the company intends to increase its digital asset reserves in the future and explore partnerships with AI and cryptocurrency ecosystems, with Merlin Chain being identified as a possible option. In the wake of Michael Saylor's successful strategy, many companies have adopted corporate crypto treasuries. While the majority of these assets are held in Bitcoin and Ethereum, an increasing number of firms are beginning to diversify into other cryptocurrencies such as Solana, BNB, and XRP. On Tuesday, CIMG’s stock (IMG) fell by 3.53%, closing at $0.2543, with a market capitalization of approximately $9.3 million, according to Yahoo Finance. Disclaimer: The Block operates independently to deliver news, research, and data about the crypto industry. As of November 2023, Foresight Ventures is a majority investor of The Block, and Bitget is an anchor LP for Foresight Ventures. This article is intended for informational purposes only.