OBITX Expands Cryptocurrency Assets by Acquiring Bitcoin

Rhea-AI Summary

OBITX, Inc. (OTCMKTS: OBTX) has announced the conversion of 65% of its cryptocurrency assets into Bitcoin, marking a strategic shift managed by its wholly owned subsidiary, OBITX Ventures, Inc. This move aligns with the company's goal of maximizing growth and earnings for shareholders. The current portfolio includes Bitcoin (65%), Gemini Dollar (21%), HEX token (5%), and other Ethereum-based tokens (9%). CEO Eric Jaffe emphasized the focus on business development and monitoring asset appreciation to enhance market presence.

Positive

• Conversion of 65% of cryptocurrency assets into Bitcoin enhances asset quality.
• Formation of OBITX Ventures aims to streamline management of cryptocurrency assets.
• Strategic focus on maximizing growth and earnings for shareholders.

Negative

• None.

Fleming Island, FL, March 24, 2021 (GLOBE NEWSWIRE) -- OBITX, Inc., (OTCMKTS: OBTX), an advanced software development and services company specializing in blockchain technologies and decentralized processing, announced today that it has converted 65% of its current and non-current cryptocurrency assets into Bitcoin. The conversion was the first official action of OBITX Ventures, Inc., a wholly owned subsidiary of OBITX, who will manage the cryptocurrency assets of the Company.  OBITX Ventures is currently putting together an exclusive advisory council within the blockchain and cryptocurrency markets. 

OBITX current portfolio of cryptocurrency assets consists of Bitcoin (BTC – 65%), an innovative payment network and the first decentralized cryptocurrency; Gemini Dollar (GUSD – 21%), a USD backed stablecoin built by a secure, trusted, and regulated cryptocurrency exchange; HEX token (HEX – 5%), touted as the first high interest blockchain certificate of deposit, other Ethereum based tokens (9%).  Eric Jaffe, OBITX CEO stated, “We will continue to seek the appropriate blend of cryptocurrency assets that will maximize growth and earnings for our shareholders as our revenue stream continues to grow.  The establishment of OBITX Ventures ensures we have two clearly focused groups within the organization.  The first is to continue business development seeking opportunities internally and externally, either through grass roots growth or acquisition, while the second is focused on market awareness, ensuring our appreciating assets are monitored and maximized.”    

About OBITX:

Headquartered in Fleming Island, Florida, OBITX, Inc., (OTCMKTS: OBTX) is a consulting and services organization specializing in blockchain technologies and decentralized processing.

Forward Looking Statements

This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based products. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.

FAQ

What did OBITX announce regarding its cryptocurrency assets?

OBITX announced the conversion of 65% of its cryptocurrency assets into Bitcoin as part of a strategic initiative.

What is OBITX Ventures?

OBITX Ventures is a wholly owned subsidiary of OBITX, tasked with managing the company's cryptocurrency assets.

What cryptocurrencies are included in OBITX's portfolio?

OBITX's current portfolio consists of Bitcoin (65%), Gemini Dollar (21%), HEX token (5%), and other Ethereum-based tokens (9%).

What is the goal of the recent cryptocurrency asset conversion by OBITX?

The goal is to maximize growth and earnings for shareholders while ensuring better management of cryptocurrency assets.