Australian Stock Exchange listed company Locate Technologies will allocate Bitcoin to its balance sheet

According to Forbes, delivery startup Locate Technologies announced the completion of a AUD 1.45 million funding round and became the first ASX listed company to allocate Bitcoin on its balance sheet. The company stated that it will allocate excess cash beyond its working capital requirements to Bitcoin, with the aim of establishing long-term strategic positions. CEO Steve Orenstein stated that this move can enhance the strength of the balance sheet and provide support for future mergers and acquisitions, while acknowledging that some shareholders may be cautious.