Nilam Resources, a gold mining company, to secure 24,800 BTC worth $1.7 billion in groundbreaking agreement.
South American gold mining company, Nilam Resources, has revealed its intention to acquire 24,800 Bitcoins worth around $1.7 billion. The company plans to issue a new Preferred Class of Series C Stock in exchange for the Bitcoin at a rate lower than the current market value. This move is aimed at gaining full control over MindWave, a special-purpose entity in Mauritius that holds digital assets, including Bitcoin, as collateral. By acquiring these assets, Nilam Resources will strengthen its ability to secure capital for high-yield projects. CEO Pranjali More expressed appreciation for the team’s hard work in reaching this milestone, highlighting the meticulous preparation and the signing of a legally binding Letter of Intent with Xyberdata Ltd. More also emphasized the company’s commitment to transparency, innovation, and sustainability in finance. The acquisition agreement states that MindWave will become a subsidiary of Nilam Resources, with shareholders receiving newly issued Preferred Shares (Class C) in exchange for their equity interest. These shares will have conversion rights upon listing on NASDAQ or during other liquidity events. Keshwarsingh Nadan, director of Xyberdata Ltd., praised the collaboration, highlighting the opportunity to work with leading figures in fintech. This development aligns Nilam Resources with other major corporations, like MicroStrategy, that have invested heavily in Bitcoin. The announcement comes at a crucial time for Bitcoin as it starts to recover from a downturn. The endorsement from a significant entity like Nilam Resources is expected to further boost Bitcoin’s market presence, especially with an investment exceeding $1 billion.
