Red Light Holland announces a key update regarding its Bitcoin treasury strategy.
Red Light Holland Corp. (CSE: TRIP), an Ontario-based psychedelics company that has adopted a Bitcoin treasury strategy, announced a key update on Aug. 26.
The firm said it has purchased 10,600 shares of the iShares Bitcoin ETF at an average cost of approximately $32 per share.
It is also working with a leading exchange to establish a corporate account that will allow Red Light Holland to fully utilize Arch Public Inc.’s algorithmic trading strategies.
As reported earlier, Red Light Holland entered into a partnership with Arch Public Inc. in late July to assist in managing its Bitcoin investment strategy.
Todd Shapiro, CEO and Director of Red Light Holland, said, “Not only have we grown our position in IBIT with 10,600 shares purchased to date, but we are also actively setting up the necessary infrastructure with a major exchange to begin leveraging Arch Public’s strategies.”
He added, “Bitcoin reflects the values of personal sovereignty, independence, and choice. These same principles guide our work in psychedelics and wellness, where we believe individuals should have access to safe, responsible, and empowering options.”
The company’s lead cryptocurrency advisor Scott Melker said, “Red Light Holland is taking a balanced and responsible approach to Bitcoin, combining ETF exposure with the next steps of advanced trading strategies via Arch Public, while holding Bitcoin on a reputable exchange, is a careful decision aimed at building long-term value.”
This is a developing story.
