Florida-based luxury vehicle restorer ECD Automotive Design said it has secured a US$500 million equity facility to build a dedicated Bitcoin treasury
Florida-based luxury vehicle restorer ECD Automotive Design said it has secured a US$500 million equity facility to build a dedicated Bitcoin treasury. The company intends to draw on the facility to acquire the cryptocurrency in stages and will award a US$21,000 upgrade credit to the first 21 customers who purchase vehicles using Bitcoin, weaving the token into both its balance sheet and sales strategy.
The move follows an announcement last week by Singapore-headquartered Davis Commodities Ltd., a Nasdaq-listed agricultural trader, of a US$30 million digital-asset initiative that allocates up to 40%—about US$12 million—to Bitcoin reserves. Davis has earmarked an initial US$4.5 million purchase and plans to use the rest of the programme to issue tokenised versions of sugar, rice and edible oils.
The twin initiatives highlight growing willingness among non-financial companies to diversify cash holdings with Bitcoin and to experiment with blockchain-based asset issuance as they look for inflation hedges and additional revenue streams.
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