Mode Global, an LSE-listed Fintech Group, has allocated up to ten percent (10%) of its cash reserves to purchase Bitcoin and adopt it as a treasury reserve asset.
The move is part of Mode's long-term goal to protect investors' assets from currency debasement. With UK interest rates at a record low of 0.1%, Mode is also seeking to diversify away from low-interest money market instruments to maximise the value of returns from its recent fundraising, according to the official press release.
Mode is the first publicly listed company in the UK to officially announce a significant purchase of Bitcoin as part of its treasury investment strategy. This follows announcements by Square and Microstrategy which disclosed significant purchases of an aggregate value of USD 475m worth of Bitcoin. Mode has also built a mobile application that allows people to buy, sell, and hold Bitcoin and grow their holdings.
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