Healthcare company Basel Medical Group (NASDAQ: BMGL) joined a growing list of publicly held companies that are intent on adding Bitcoin to their balance sheets, announcing Friday that it had "begun exclusive negotiations" for a $1 billion BTC investment. 

The Singapore-based company, which provides orthopedic and trauma services, said if approved, the buy would help it have one of the strongest balance sheets in healthcare companies in Asia. 

Basel Medical Group said in a statement that the $1 billion would be an "innovative share-swap arrangement" and "landmark transaction" in order to buy the cryptocurrency. 

Decrypt reached out to the firm for more details. 

Basel Medical Group CEO Dr Darren Chhoa said: "This $1 billion financial transformation will give us unprecedented capacity to execute our Asia growth strategy while maintaining conservative financial management."



Bitcoin was recently trading at about $104,100, roughly flat over the past 24 hours, according to data provider CoinGecko. It has soared 22% over the past month.

A number of public companies are following Strategy—formerly MicroStrategy—which rebranded as a Bitcoin treasury company earlier this year. The one-time software-focused software firm (NASDAQ: MSTR) started buying Bitcoin in 2020 and now is the largest corporate holder of the asset with nearly 569,000 Bitcoin, according to a May 12 regulatory filing.

Strategy's stock has since soared since the company started buying Bitcoin as investors buy MSTR shares to get exposure to the cryptocurrency. Before its first Bitcoin buy in August 2020, MSTR was trading for nearly $15. It's now priced at $400 a pop. 

Smaller companies, including Japan-based Metaplanet and healthcare services provider Semler Scientific have adopted Strategy's Bitcoin strategy, believing that as cash loses value over time and Bitcoin appreciates, they can add more value to their stock. Metaplanet holds 6,796 Bitcoins worth more than $706 million based on the current BTC price, based on data from Bitcoin Treasuries.net.

Edited by James Rubin

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