Nilam Resources, a South American gold mining company, has recently revealed its plan to acquire 24,800 Bitcoins, valued at around $1.7 billion. This strategic move involves issuing a new Preferred Class of Series C Stock in exchange for the Bitcoins at a rate below the current market value.

The purpose of this acquisition is to gain full ownership of MindWave, a special-purpose entity based in Mauritius that holds digital assets, including Bitcoin, as collateral. These assets will enhance the company’s ability to secure capital for investing in high-yield projects.

CEO Pranjali More expressed gratitude towards the team for their efforts leading up to this milestone. More emphasized the meticulous preparation, including finalizing agreements and due diligence, which culminated in a legally binding Letter of Intent (LOI) with Xyberdata Ltd.

The acquisition agreement states that MindWave will become a subsidiary of Nilam Resources. Shareholders of MindWave will receive the newly issued Preferred Shares (Class C) in exchange for their equity interest. These shares come with conversion rights upon listing on NASDAQ or during other liquidity events, classified as “restricted securities.”

Director Keshwarsingh Nadan from Xyberdata Ltd. commended the collaborative effort, highlighting the opportunity to work with key figures in fintech. This development places Nilam Resources in the league of notable companies like MicroStrategy that have made substantial investments in Bitcoin, the leading cryptocurrency.

The timing of this announcement is crucial as Bitcoin has started to recover from a recent downturn. Despite a correction from historic highs, the endorsement from a major entity is expected to boost Bitcoin’s market presence, especially with an investment exceeding $1 billion.

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