Basel Medical Shares Plummet Following $1B Bitcoin Investment Plans

Shares of Basel Medical Group have experienced a significant drop, shedding around 15% after the company announced plans to invest $1 billion in Bitcoin for its corporate treasury. The investment will be acquired through a share-swap arrangement with institutional investors and high-net-worth individuals. The company highlights potential benefits such as strengthening their balance sheet and facilitating acquisitions. 15% of Basel Medical’s stock price drop was seen on May 16th, according to Google Finance data. 15% intraday decline. The move has generated skepticism from investors who are uncertain about the direction of the company’s strategy.