Quick take:
- Nilam Resources said Bitcoin is the “gold standard” and the future of digital transactions.
- The newly established entity called MindWave will be based in Mauritius and will hold Bitcoin and other assets.
- More details of the acquisitions will be outlined in a definite agreement, with MindWave becoming a subsidiary of Nilam.
South American gold mining corporation Nilam Resources is making a major foray into the crypto space with the acquisition of a special purpose entity called MindWave to be established in Mauritius, which will hold Bitcoin along with other assets.
The precious metals mining company has entered into a Letter of Intent (LOI) with XyberData Ltd to acquire 100% of the common stock of a special purpose entity that will hold 24,800 Bitcoins.
Based on the current price of Bitcoin, the acquisition would have been valued at more than $1.7 billion, but Nilam said it will be buying the Bitcoins at a discounted price. However, the company did state that the acquisition” represents over a billion dollars in digital assets.”
More details of the deal will be outlined in a definite agreement, with MindWave becoming a subsidiary of Nilam.
Nilam plans to use the assets as collateral to raise capital for investment in high-yield generating projects.
Commenting on the announcement, Pranjali More, CEO of Nilam Resources said in a statement: “The Company and team have been working diligently over the last several months to finalize all agreements and due diligence necessary to proceed to a legally binding Letter of Intent (LOI).”
This announcement comes just days before April, when the next Bitcoin halving event is expected to take place, further reducing the number of new Bitcoin being released to the market by half.
Nilam believes that the acquisition aligns with its vision, mission and core values of a future where “finance is inclusive and sustainable.” The company said it seeks to pioneer transparent and impactful solutions that drive a positive change in the digital economy.
“Transparency, innovation, and sustainability define us. We prioritize clear communication, embrace cutting-edge ideas, and invest in projects with enduring social and environmental impact,” More added.
Mr. Nadan, Director of Xyberdata commented: “This Letter of Intent (LOI) allows our team to work in unison with some of the best minds in Fintech. The Xyberdata Ltd. team has a proven track record of strategic partnerships, acquisitions and continued support innovation for the industry.”
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