Fathom Holdings, a real estate service provider, has joined the growing number of companies announcing their Bitcoin treasury strategy.
With a significant Bitcoin (BTC) transaction, Fathom Holdings has significantly strived toward revolutionizing the real estate industry. The real estate service platform disclosed on January 23 that its Board of Directors had consented to incorporate BTC as a treasury strategy.
BTC Plans and Fathom Holdings
Consequently, Fathom, primarily known for integrating residential brokerage, mortgage, title, and SaaS offerings for brokerages and agents, will now include Bitcoin as a critical asset in its treasury. It is essential to mention that the decision is also consistent with the organization’s overarching objective to facilitate Bitcoin payments for its consumers and agents.
The company intends to allocate up to 50% of its surplus cash to the acquisition of Bitcoin, as indicated in its filing with the US Securities and Exchange Commission. The anticipated operating expenses determine this for the next six months. The company’s operational needs and current market conditions may modify the allocation. In light of this, Fathom Holdings intends to allocate up to half a million dollars to Bitcoin within the next two weeks.
The company also affirmed that it may acquire Bitcoin ETFs to diversify its financial portfolio. In the past, Fathom Holdings’ treasury comprised US currencies. Joanne Zach, the chief financial officer of Fathom, acknowledged that integrating Bitcoin into commercial and financial strategies has accelerated across financial markets.
This reality positions the coin “as a safeguard against economic and currency risks in the global economy and a hedge against inflation.” “We are confident that our Bitcoin strategy positions Fathom at the forefront of digital currency transactions in the real estate industry and diversifies our treasury holdings,” Zach added.
The Increasing Adoption of Bitcoin by Corporations
Indeed, the implementation of a Bitcoin reserve is rapidly becoming a trend in a variety of industries. Institutions are adopting the foremost cryptocurrency to diversify their portfolios, which indicates the growing confidence in Bitcoin’s status as a store of value.
MicroStrategy, a business intelligence firm that initiated the acquisition of BTC in 2020, is an example for numerous organizations. MicroStrategy acquired 11,000 BTC valued at $1.1 billion earlier this week. The company currently holds more than 460,000 Bitcoin units due to this acquisition.
Other companies are also purchasing the coin from a variety of industries. Critical Metal Corp, a mining colossus, also implemented the BTC strategy on January 21, following the Board of Directors’ approval.
Nation-states are embracing the trend
Governments are not excluded from adopting Bitcoin, which private and public enterprises drive. Bitwise CEO Fred Thiel has disclosed that they intend to assist in establishing a Strategic Bitcoin Reserve in 50 states as previously disclosed. To realize this objective, the organization wants to collaborate with advocacy organizations.
To date, legislation has been introduced in states such as Massachusetts, Wyoming, and Oklahoma to advocate for reserve plans.
