Another public company will spend millions on Bitcoin

Canadian virtual reality firm NexTech plans to invest $2 million in Bitcoin to help diversify its cash holdings — and says it could buy more next year.

Chief exec Evan Gappelberg noted the decision to spend more than 15% of NexTech’s available funds on BTC is intended to “maximize long-term value for shareholders.”

“We think that as part of the digital transformation a paradigm shift to digital gold is underway. And as Bitcoin is seen more and more as a store of value (just like gold) — it will catch up to gold,” said Gappelberg in a press release.

The company joins a slew of companies that’ve converted slices of their treasuries to BTC this year, including Jack Dorsey’s Square, NASDAQ-listed MicroStrategy, and life insurance giant MassMutual.

NexTech’s share price jumped a few points after its announcement, which boosted its market value to $390 million and turned the stock positive for 2020.