Fathom Holdings has taken a major step towards redefining real estate innovation with a major Bitcoin (BTC) move. On January 23, the real estate service platform announced that its Board of Directors had agreed to include BTC as a treasury strategy.
Fathom Holdings and BTC Plans
Accordingly, Fathom, largely recognized for integrating residential brokerage, mortgage, title, and SaaS offerings for brokerages and agents, will now have Bitcoin as a key asset in its treasury. It is worth noting that the move also aligns with the firm’s longer-term strategy to allow Bitcoin payments for its agents and customers.
According to its filing with the US SEC, the plan is to allocates up to 50% of its excess cash to purchase Bitcoin. This is calculated based on estimated six-month operating expenses. The allocation may eventually be adjusted based on the company’s operational requirements and prevailing market conditions. With this in mind, Fathom Holdings is looking to spend up to half a million dollars on Bitcoin within the next two weeks.
The firm also confirmed it may also purchase Bitcoin ETF to diversify its financial portfolio. In the past, Fathom Holdings’ treasury consisted of just US dollars. Fathom CFO Joanne Zach acknowledged, “The integration of Bitcoin into commercial and financial strategies has accelerated across financial markets.”
This reality positions the coin “as both a hedge against inflation and a safeguard against economic and currency risks in the global economy. Our Bitcoin strategy diversifies our treasury holdings, and we believe positions Fathom at the forefront of digital currency transactions in the real estate industry,” Zach added.
Growing Adoption of Bitcoin by Corporations
By all means, implementing a Bitcoin reserve is fast becoming a trend across several sectors. Institutions are adopting the leading cryptocurrency to diversify their portfolio, reflecting an increased confidence in Bitcoin’s status as a store of value.
Many companies borrow a leaf from MicroStrategy, the business intelligence firm that began buying BTC in 2020. Earlier this week, MicroStrategy acquired 11,000 BTC valued at $1.1 billion. Following this acquisition, the company now HODLs over 460,000 Bitcoin units.
Other firms in diverse industries are also buying the coin. On January 21, mining giant Critical Metal Corp also adopted the BTC strategy, following the greenlight from its Board of Directors.
Nation States Joining the Trend
Just like private and public companies are driving the adoption of Bitcoin, governments are not left behind. As revealed earlier, Bitwise CEO Fred Thiel has shared that they are planning to support the implementation of a Strategic Bitcoin Reserve across 50 states. The firm plans to work with advocacy groups to achieve this plan.
Thus far, states like Massachusetts, Wyoming, and Oklahoma have introduced bills to support the reserve plans
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