Gold miner Nilan Resources announced in a recent statement that it will buy Bitcoin and other cryptocurrencies.
The miner offered to buy 24,800 Bitcoins worth approximately $1.7 billion, an announcement that brought positive results to the company. After the news was announced, Nilam Resources’ share price rose 22 times in a single day.
Gold mining company plans to acquire 24,800 BTC, driving stock price up 22 times
In a recent announcement, South American gold mining company Nilam Resources disclosed plans to purchase multiple digital assets, including 24,800 BTC tokens.
According to the company, the acquisition was made through a letter of intent (LOI) signed with Xyberdata Ltd. This involved Nilam’s acquisition of 100% of the common shares of MindWave, a Mauritius-based special purpose entity that allegedly held 24,800 bitcoins and other virtual currencies. assets.
In addition, according to the announcement, the 24,800 BTC tokens purchased will serve Nilam in different dimensions. The miner can use the assets as collateral to raise funds for some high-yield projects.
In addition, this acquisition will support and position its total assets to value it in excess of $1 billion. Furthermore, Nilam, as a mining company, intends to focus on an inclusive, transparent and sustainable economy.
The company emphasized:
“Transparency, innovation and sustainability define us. We prioritize clear communication, embrace cutting-edge ideas, and invest in projects with lasting social and environmental impact.“
Nilam Research shares reacted positively following the BTC acquisition announcement.According to reports on March 26 tweet Nilam’s share price surged 22 times to $0.0225 per unit, driven by X user Luke Mikic.
The surge represents a 1,700% rise in shares, the highest level in the company’s 11-year history. Additionally, the RSI reflects NILA’s oversold threshold, rising almost to 90.
Nilam CEO resigns, accuses BTC acquisition of pump-and-dump scheme
While Niland celebrated the stock’s stellar performance, many speculated that the proposed Bitcoin plan could be a stunt to resurrect the dying penny stock. It’s worth noting that Nilam Resources has been around since 2005 and its share price has never hit $1. Furthermore, the company’s market capitalization is a measly $5 million.
A move by a micro-company to buy $1.7 billion worth of Bitcoin has raised concerns about a pump-and-dump scheme. Against the backdrop of soaring stock prices, the well-known over-the-counter stock trading platform OTC Markets Group marked Nilam Resources stock, NILA, stands for “Caveat Emptor” which means “Buyer Beware”.
Additionally, two days after Nilam announced its proposed BTC acquisition, its CEO Ron McIntyre said: quit company.According to relevant persons postal On X, the CEO reportedly revealed the scam behind the Bitcoin acquisition plan.
McIntyre called the scheme a classic pump-and-dump scheme by gold mining companies. While criticizing the company, McIntyre denied knowledge of the transactions identified in the letter of intent.
Notably, McIntyre’s statements demonstrate secrecy and potential market manipulation by Neelam Resources.
