Hong Kong Company Raises $55 Million for Bitcoin Acquisition

Hong Kong-based CIMG Inc. has announced a significant strategic shift, aiming to acquire 500 Bitcoin worth $55 million. The company plans to raise this capital through the issuance of 220 million shares at a price set above market value, at $0.25 each. This move signals a strong belief in cryptocurrency as an investment strategy, particularly given CIMG’s ongoing financial challenges, including negative EBITDA and a Nasdaq delisting notice.