Panther Metals up 21% after $5.4M Bitcoin play to buy minerals and gold
Panther Metals is planning a $5.4 million Bitcoin treasury and will use it as collateral to buy a mineral mining deposit in Canada and other commodities in the future.
Mineral exploration company Panther Metals Plc has announced a Bitcoin treasury strategy combining traditional mining assets with Bitcoin holdings, leading to a surge in its stock price on Monday.
In a statement, the UK-listed mining exploration company announced plans to buy 4 million British pounds ($5.4 million) in Bitcoin for a treasury account and strategy on Monday.
The firm will use 1.3 million British pounds ($1.75 million) worth of Bitcoin (BTC) from its treasury as collateral to complete its acquisition of the Pick Lake mining deposit in Ontario, Canada.