Canadian Property Firm Buys Bitcoin in Hopes of Eventually Scrapping Condo Fees

Saskatchewan-based Thornton Place Condominium Corp is hoping to eventually do away with condo fees by investing in bitcoin.

• In an announcement, Thornton Place in Regina said it has purchased 0.4 bitcoin with CAD$25,000 (US$20,050) through the exchange Kraken at an average price of CAD$62,500 (US$52,104) per bitcoin including fees and expenses.
• The buy is the first of an ongoing series of planned purchases, the company said, with Thornton Place having allocated an added CAD$700.00 per month to the purchase of bitcoin going forward
• The company said it has taken direct physical custody of the bitcoin purchased instead of using a custodial service or exchange-traded fund with a management fee.
• Thornton Place Condominium said it sees a 10-year time horizon for the investment and it has “taken the first steps” which it hopes will lead to the elimination of fees for residents.
• “Our board determined that a small investment of approximately 5% of the overall reserve fund and 6% of the monthly operating fund contributions into bitcoin will permit Thornton Place to gain a limited exposure to a high-performing asset class without jeopardizing any of the long-term goals of the corporation and its owners,” said the firm.

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