Universal Digital ditches altcoins for Bitcoin, plans joint treasury strategy with Asian firms

Canadian digital assets firm Universal Digital is divesting from its altcoin holdings and working with companies across Asia to adopt Bitcoin reserves. Bitcoin treasuries are becoming increasingly attractive for both crypto and tradFi firms. On June 16, Canadian digital assets firm Universal Digital announced plans to swap its altcoin holdings and exchange them for Bitcoin. What is more, they plan to cooperate with other firms across Asia to expand this treasury strategy. According to the Universal Digital CEO, Tim Chan, the company views Bitcoin as an asset that is well-suited to complement its reserves. At the same time, they hope to align with global trends that favor Bitcoin adoption for treasuries. “Our Bitcoin Treasury Strategy marks a deliberate shift in how we manage capital — by holding Bitcoin as a long-term treasury asset, we aim to enhance balance sheet strength and align with the evolving global financial landscape,” Tim Chan, Universal Digital. You might also like: Regulation fuels Bitcoin’s $11b treasury race as more and more companies join Universal Digital to expand Bitcoin reserves to Asia Universal Digital also plans to help other companies expand their Bitcoin reserves, with a specific focus on Asia. This is to take advantage of the region’s growing interest in digital assets, as well as its openness to innovation. The first company to announce plans to cooperate with Universal Digital is the Japanese financial firm GFA. On June 16, the two firms entered into a non-binding agreement to introduce Bitcoin reserves to Japanese companies. The two companies also expressed interest in developing build tools to make Bitcoin reserves more attractive to other companies. You might also like: Corporations continue to spawn Bitcoin treasuries— What’s good about them? “The framework we’ve established with GFA enables us to explore extending this model to Asia, where digital assets are gaining traction among public companies and institutional investors,” Tim Chan, Universal Digital. Universal Digital and GFA are just the latest firms to try to follow in the footsteps of Michael Saylor and his company, Strategy. Still, Strategy holds the first-mover advantage, and has on June 16, announced another 10,100 BTC purchase, valued at $1.05 billion . Currently, Strategy holds 592100 bitcoins. Read more: VanEck exec advises Bitcoin-holding firms to prevent dilution as stock approaches NAV

Source: crypto.news