In an announcement made on Monday, Nilam Resources (OTCPK:NILA) disclosed its agreement with Xyberdata to enter into a letter of intent aimed at acquiring a specialized entity. This entity, to be named MindWave, will be established to possess 24,800 bitcoins.
The proposed transaction involves Nilam issuing a newly authorized Preferred Class of Series C Stock in exchange for the 24,800 bitcoins, with the exchange rate set at a discounted rate compared to current market prices.
Under the terms of the deal, Nilam intends to acquire full ownership of MindWave, which operates as a special purpose entity based in Mauritius. MindWave will be tasked with managing digital assets, including the aforementioned 24,800 bitcoins, alongside other assets.
Furthermore, these assets are designated to function as collateral to facilitate capital procurement for investment purposes in high-yield generating projects, as outlined by the company.
With Bitcoin witnessing remarkable growth and gaining broader acceptance in mainstream finance, the acquisition of such a substantial amount of bitcoins positions Nilam at the forefront of this burgeoning market and could attract other big players to join the race.