Singapore’s Basel Medical Group Announces Plan To Acquire $1B Bitcoin

• The Singapore-headquartered Basel Medical Group Ltd plans to finalize its discussions with potential investors for its $1 billion Bitcoin purchase this quarter.
• The company proposed a share-swap agreement to fund its BTC buying spree.

Basel Medical Group Ltd (BMGL), a Singapore-based healthcare provider, recently announced its plan to accumulate Bitcoin (BTC) for its treasury reserves. In a press release on Friday, it revealed that it is in “advanced discussions with a consortium of institutional investors and high-net-worth individuals, who are influential in the crypto space” to get the ball rolling.

Basel Medical Group Ltd’s Bitcoin Accumulation Plan

According to BMGL, a share swap arrangement has been laid out on the table to fund the purchase of $1 billion worth of Bitcoin. The medical firm believes the landmark transaction will mark the largest corporate balance sheet enhancement in the healthcare sector of the Asia-Pacific region.

In addition, the company sees the diversification of its reserves as a way to nullify the effects of market volatility while providing flexibility for its potential for corporate expansion. It will also position it as a “well-capitalized medical group in emerging Asian markets.”

BMGL expects to finalize the terms of the Bitcoin acquisition within the second quarter of this year.

Bitcoin’s Growing Institutional Adoption

The latest development underscores the continuously growing institutional adoption of Bitcoin following the success of Strategy (formerly MicroStrategy).

The Michael Saylor co-founded company notably grew significantly following its decision to invest in Bitcoin more than five years ago. To date, its shares have displayed over 3,400% appreciation in the past five years. Meanwhile, its investment in BTC’s unrealized gains sat at over 50%, with a BTC yield of 15.5% year to date (YTD) for its total of 568,840 BTC supply.

Moreover, BMGL is likely looking to emulate the Bitcoin buying spree of California-based medical technology provider Semler Scientific. This week, the firm has already ranked 13th among the largest corporate and government entities in terms of BTC reserves.

From its last report, Semler holds 3,808 BTC, which it bought for around $340 million at an average cost of $89,286 per BTC. At the $104K per BTC rate on Friday, its paper gains have risen by more than 16% to approximately $56 million.

If Bitcoin remains within its current level by the time BMGL irons out its BTC acquisition, its billion-dollar purchase would net it roughly 9,615 BTC, effectively surpassing Semler’s holdings and establishing itself among the top 10 largest institutional holders of the premier crypto asset.