First ever Bitcoin-backed real estate loan, $7b investment firm grows exposure in BTC
Escrow company issues first Bitcoin-backed real estate loan
Glen Oaks Escrow, one of the largest independent escrow companies in California, has facilitated its first refinancing through a Bitcoin-backed loan.
In a press release issued today, the company said this marks the first time a refinancing has been completed with a buyer using Bitcoin as collateral.
Glen Oaks began accepting Bitcoin payments in 2018, and sees the news as proof the cryptocurrency’s value proposition is becoming clearer to debtors and creditors.
Glen Oaks Chief Operating Officer Joe Curtis commented, “Seeing someone other than the home buyer use Bitcoin in a real estate transaction tells us that this technology has the potential to continue becoming more prominent, even if it is still considered new to our industry.”
Source: BitcoinMagazine
$7 billion investment firms grows exposure in Bitcoin
Investment firm Horizon Kinetics has revealed new details about how it has used Bitcoin to improve the performance of one of its top equity funds.
In an interview with Financial Times, the $7 billion investment firm, revealed its Kinetics Paradigm fund increased exposure to the Grayscale Bitcoin Trust (GBTC) in Q2 2021.
As of June 30, the Paradigm fund maintained a 5.8% allocation to GBTC, making Bitcoin exposure effectively its second largest holding. This was up from an initial 1% allocation in 2016, according to the firm.
Horizon Kinetics offers investors in its Paradigm fund exposure to Bitcoin to protect them from inflation, and so far it appears to have done so effectively. Kinetics Paradigm has returned 47.76% as of July 26, making it the 8th best performing equity fund so far this year based on data from Morningstar.
Source: BitcoinMagazine
US Bitcoin miner Stronghold files for $100M IPO to fund massive expansion
Sustainably focused and vertically integrated Bitcoin mining company Stronghold Digital Mining has filed for a $100-million initial public offering with the U.S. Securities and Exchange Commission.
Stronghold is a sustainably focused and vertically integrated Bitcoin mining company that was founded in 2021. In June, Cointelegraph reported that the firm completed two private equity securities raises worth $105 million.
“With part of the proceeds of this offering, we intend to procure an additional 27,900 miners, which we anticipate will bring our total hash rate capacity to approximately 3,000 PH/s by December 2021 and to over 5,300 PH/s by December 2022.”
Source: Cointelegraph
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