A Bitcoin treasury with $67 million in BTC has just $5,397 in cash and needs money immediately
Bitcoin treasury holder CIMG Inc. said in its Aug. 13 quarterly filing that it needs to raise capital immediately, even though it held 1,145.4 BTC valued at $67.19 million on June 30.
CIMG had just $5,397 in cash and $1.87 million in current assets against $9.25 million in current liabilities, leaving a $7.38 million working-capital deficit.
CIMG said it may monetize its Bitcoin, but warned the asset is volatile and the holdings are not committed or assured financing. Management’s plans to seek more equity or debt had not alleviated doubt about the company’s ability to continue as a going concern.
Why the Bitcoin reserve is not operating cash
This content is automatically aggregated. Full credit goes to the original publisher (cryptoslate.com).
