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Canadian Property Firm Buys Bitcoin in Hopes of Eventually Scrapping Condo Fees
The firm bought 0.4 bitcoin and plans to buy more every month.
Saskatchewan-based Thornton Place Condominium Corp is hoping to eventually do away with condo fees by investing in bitcoin.
STORY CONTINUES BELOW
- 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.
Read more: Canada’s CoinSmart Crypto Exchange Raises $3.5M for European Expansion
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
