Tuesday, December 17, 2013

Canada's GreenBank Capital Launches Bitcoin Fund

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"Canada’s GreenBank Capital has launched two new subsidiaries to invest in bitcoin startups and cryptocurrency in general. The investment firm claims to be the first public company with a presence in bitcoin, thanks to its new subsidiaries:

Bitcoin Canada Investments Inc and Bitcoin Angel Capital. Bitcoin Canada will invest exclusively in bitcoin, while Bitcoin Angel will invest in early-stage projects in bitcoin as well as other cryptocurrencies. GreenBank plans to spin-off both companies at a later date, listing their shares publicly on the Canadian Stock Exchange.

GreenBank will maintain a hands-on approach, managing the bitcoin investment portfolio in both subsidiaries for a 10% fee of portfolio appreciation. The company said in a statement:

GreenBank intends to make a private placement to accredited investors of up to $5,000,000 Debentures with conversion rights into 90% of the common shares of Bitcoin Canada and Bitcoin Angel.”

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