The firm said it has purchased 10,600 shares of BlackRock’s (NYSE: BLK) iShares Bitcoin ETF (IBIT) 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 it to fully utilize Arch Public Inc.’s algorithmic trading strategies. As reported earlier, Red Light Holland entered into a partnership with Arch Public Inc. on July 25 to assist in managing its Bitcoin 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.”
Shapiro 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.”
Bitcoin, which hit an all-time high (ATH) of $124,457.12 on Aug. 14, was trading at $111,115.30 at the time of writing.
