The deal marked “the beginning of Basel Medical Group’s expansion strategy in Singapore and the broader Southeast Asian healthcare market.”Basel’s management team expects that accumulating Bitcoin will aid in these plans.“Our expanded balance sheet will allow us to move quickly on strategic opportunities as we build a premier healthcare platform across high-growth Asian markets,” Darren Chhoa, Basel’s CEO, said in a statement. Bitcoin treasury metrics.
The company said the benefits of its planned purchase include creating “one of the strongest balance sheets among Asia-focused healthcare providers” and providing “unmatched financial flexibility for mergers and acquisitions.”It also said the Bitcoin (BTC) treasury would help Basel “[e]stablish “a diversified asset base to weather market volatility.”But the company’s shareholders weren’t sold.
Shares of Basel Medical Group are down around 15% after the healthcare company announced plans to buy $1 billion in Bitcoin for its corporate treasury. On May 16, Singapore-based Basel said it was “in advanced discussions with a consortium of institutional investors and high-net-worth individuals […] to acquire a US$1 billion BTC through an innovative share-swap arrangement.
or
Share This Story
Article Details
Author / Journalist: Cointelegraph by Alex O’Donnell
The story "Basel Medical shares down 15% on $1B Bitcoin buying plans" has 382 words across 19 sentences, which will take approximately 2 - 4 minutes for the average person to read.
Which news outlet covered this story?
The story "Basel Medical shares down 15% on $1B Bitcoin buying plans" was covered 19 hours ago by Coin Telegraph, a news publisher based in United States.
How trustworthy is 'Coin Telegraph' news outlet?
Coin Telegraph is a fully independent (privately-owned) news outlet established in 2013 that covers mostly crypto news.
The outlet is headquartered in United States and publishes an average of 23 news stories per day.
It's most recent story was published 9 hours ago.
What do people currently think of this news story?
The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
