plans to buy 24,800 BTC

On Monday, Peruvian gold mining company Nilam Resources, Inc. announced its intention to acquire as much as 24,800 bitcoins (BTC). It also prepares the ground for the acquisition of 100% of the common shares of MindWave, a special purpose vehicle that will operate in Mauritius and deal with the custody of the mentioned digital assets.

Nilam Resources invests in BTC

It's downright ironic-funny: Nilam Resources, a gold mining company, decides to buy bitcoins. The company's strategy includes the issue of series C shares, offered in exchange for bitcoins at a discount to current market prices. With the transaction, Nilam wants to take a step towards diversifying its assets.

Pranjali More, CEO of Nilam Resources, Inc., emphasized the strategic importance of the transaction, admitting that “over the last few months (our) company (…) has been working to finalize all agreements” and, as it were, enter the BTC market.

In addition to all this, there is cooperation with Xyberdata and the founding of MindWave.

Bitcoins, according to the company, will not only be a significant addition to its portfolio, but also secure the capital obtained for investments in high-profit projects.

Our priority is clear communication, implementing cutting-edge ideas and investing in projects with a lasting impact on society and the environment

– added Pranjali More.

Community reaction

The announcement was initially met with joy from the community. After all, a “gold” company buys BTC, which means it kind of admits that it is a great investment!

However, when we remove the PR sugar coating from all this, the situation doesn't look so rosy anymore. For example, Tuur Demeester, an Adamant Research analyst, wrote on X that he himself deleted his post “about a gold digger buying 24,000. BTC” when it occurred to him that it was an attempt to exchange “penny stocks (market capitalization worth USD 5 million)” for bitcoins.

Perhaps this is a sign of things to come, but it's actually not a big deal

– he said.

However, apart from the controversy regarding the whole idea, it is worth adding that after all, it is a sign of the times that a company from the yellow metal market wants to exchange its securities for bitcoins. Peter Schiff must be furious!