- Nilam Resources (NILA) announced its intent to buy 24,800 Bitcoin (BTC) at around $1.7 billion.
- The South American gold miner entered into a Letter of Intent (LOI) with Xyberdata for the establishment of Mindwave, which will hold custody of the digital assets.
Nilam Resources’ Major Bitcoin Acquisition
In yet another win for Bitcoin, South American gold mining firm Nilam Resources, Inc. announced that it just inked a Letter of Intent for the 100% acquisition of Xyberdata’s common stock for a special purpose entity (SPE). The entity will be named Mindwave, which will be utilized to facilitate the issuance of Preferred Shares (Class C) to be converted into BTC assets. The SPE will likewise be positioned as a subsidiary of NILA.
According to the press release of NILA last Monday, the partnership targets the purchase of 24,800 BTC at a discounted rate of around $1.7 billion pursuant to the prevailing prices on the market. The SPE also aims to serve as custodian for the company’s other digital assets.
The other digital assets that the company is looking to acquire remain undisclosed, but if these happen to be one of the altcoins out there, like Ethereum (ETH) or even meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), or Floki (FLOKI), then expect them to pump as soon as confirmation arrives.
Nilam Resources said its Bitcoin haul and other digital assets will “serve as collateral to raise capital for investment in high yield generating projects.” Meanwhile, the conditions of the acquisition will be finalized in “one or more definitive agreements.”
Nilam Resources’ Vision, Mission, and Core Values
Nilam Resources stated that the strategic partnership is anchored to its strategic vision, mission, and core values centering on an outlook where inclusivity, transparency, and sustainability merge to drive positive change in the digital economy.
“Transparency, innovation, and sustainability define us,” explained company COO Pranjali More. “We prioritize clear communication, embrace cutting-edge ideas, and invest in projects with enduring social and environmental impact.”
The effort capitalizes on Bitcoin’s growing recognition as the new “Gold Standard” that could potentially redefine the way we look at digital transactions in the future. This is seen as a boost in the assets of NILA as its valuation exceeds $1 billion.
Nilam Resources positions itself as the next Bitcoin whale to watch out for upon execution of its BTC purchase, aligning itself with other powerhouses in the industry like MicroStrategy along the way.