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Mexican Hotel Company Murano Global Builds Bitcoin Treasury With $500M Funding
In a surprising move, real estate company Murano Global Investments has announced it will be building a bitcoin treasury with a whopping $500 million in funding. This major investment marks a significant shift for the Nasdaq-listed firm, which previously focused on its hotel operations and real estate development projects.
As part of this new strategy, Murano has already made an initial purchase of 21 Bitcoin (BTC) worth over $2.1 million. The company aims to expand its existing bitcoin portfolio over time, utilizing a robust stack of the cryptocurrency for long-term growth potential.
Murano believes that investing in bitcoin will strengthen their balance sheet against inflation and systemic risk, further solidifying the hotel and real estate business operations. In a statement, CEO Elias Sacal emphasized that this new strategy complements rather than replaces existing operations.
In addition to building its bitcoin treasury, Murano is also exploring the integration of cryptocurrency payments into its hospitality services. The company plans to enable customers to pay for services using BTC, as well as develop loyalty rewards programs that award users with cryptocurrencies.
The $500 million funding secured through a standby equity purchase agreement with investment firm Yorkville will provide the necessary capital for Murano’s bitcoin purchases over time. Furthermore, the company intends to utilize sale-leaseback transactions and property development sales to unlock additional funds.
This unexpected shift towards cryptocurrency investments may have significant implications for the hotel industry as well as the broader real estate sector.
Source: coincentral.com
