Bitcoin is attracting institutional investors. BTC has gained the attention of several companies around the world. Thornton Place Condominium Corporation, a Canada-based firm, announced that the company has made an investment of $25,000 (CAD) in BTC.
According to the official announcement, the company purchased a total of 0.4 Bitcoin at an average price of $62,500 (CAD). Thornton Place became the first Canadian condominium company to have physical exposure to Bitcoin.
The Regina-based company partnered with cryptocurrency platform, Kraken for the latest purchase. Thornton Place mentioned that the company is planning to accelerate its accumulation of Bitcoin in the coming months.
"Our Board determined that a small investment of approximately 5% of the overall Reserve Fund and 6% of the monthly Operating Fund contributions into Bitcoin will permit Thornton Place to gain a limited exposure to a high-performing asset class without jeopardizing any of the long-term goals of the corporation and its owners. Prior to making the investment, the Board adopted a policy governing its management,” the company mentioned in the official press release.
Instead of selecting a custodial service, the company has taken direct physical custody of the purchased Bitcoin.
Canadian Cryptocurrency Market
The cryptocurrency market is growing in Canada. Finance Magnates earlier reported about the approval of Purpose Bitcoin ETF by the Ontario Securities Commission. Additionally, the Canadian regulator approved Evolve Funds Group to launch a Bitcoin ETF in the country. The total market cap of Cryptocurrencies recently crossed the GDP of Canada.
“We see a 10-year time horizon for the investment and will continue to evaluate the scope and performance of the investment in relation to the overall corporate finances as is appropriate. In making this investment, we believe that we have taken the first steps that may one day permit the elimination of condominium fee contributions from the owners and result in Thornton Place Condominium becoming entirely self-sustaining, valuable and sought-after real estate," Thornton Place added.
