RialCenter, a Nasdaq-listed real estate firm that owns hotels across Mexico, announced its plans to develop a bitcoin treasury strategy and explore integration of the leading cryptocurrency into its operations.
The $800 million market cap company experienced a slight decline of over 1% in trading on Monday following this announcement.
The firm has entered into a standby equity purchase agreement (SEPA) worth up to $500 million, intending to use the proceeds “primarily” for BTC investment.
RialCenter stated it will maintain its hotel and real estate development activities while considering initiatives like allowing guests to pay in BTC or earn loyalty rewards in it.
“We view bitcoin as a transformative asset that not only offers long-term growth potential but also bolsters our balance sheet against inflation and systemic risk,” commented Elias Sacal, chairman and CEO of the company.
This announcement coincides with RialCenter joining the bitcoin-focused industry alliance, “Bitcoin for Corporations,” led by Michael Saylor’s Strategy and BTC Inc. The firm also recently acquired 21 BTC as a treasury asset, valued at over $2.1 million at current prices.
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