NexTech AR Solutions sells its Bitcoin holdings for a $200,000 profit

NexTech AR Solutions Corp (OTCQB:NEXCF) (NEO:NTAR) (FRA:N29) announced that it has sold its entire holdings of around 130.187 Bitcoins, realizing a profit of about $200,000. 

“Our investment in Bitcoin in the past was part of our capital diversification strategy with the intent to maximize long-term value for our shareholders. This sale reflects our awareness that something potentially has changed with Bitcoin, which is seen as the digital version of gold,” NexTech AR Solutions CEO Evan Gappelberg said in a statement. 

READ: NexTech AR touts record C$7.3M 4Q bookings, projects triple its 2020 revenue for 2021

He added: “The news that has emerged is that a critical flaw called a ‘double spend’ may have occurred, which if true, allows someone to spend the same Bitcoin twice, undermining faith in the system.”

“If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both – essentially destroying the store of value it was meant to be. In light of this potential outcome, I have decided to move to cash as this story is still unfolding.”

NexTech AR also outlined some of its recent key highlights, including:

• On January 20, 2021, the company announced that Microsoft’s Azure Cloud Services platform will be a standard offering across its virtual experience platforms and consumer apps enabling hyper-scalable, secure, and immersive events and applications for users;
• On January 15, 2021, NexTech said it has signed a renewal agreement with Poly with an initial value of $470,000 for a six-month term and the potential for additional revenue after the six months;
• Record 4Q 2020 total bookings of $7.3 million, more than 275% growth over the same period last year;
• CEO Evan Gappelberg purchased 250,000 shares of NexTech, bringing his 2020 total company shares purchases to 1,279,885;
• Announced the launch of its “Genie in a Bottle” human hologram AR marketing platform and new eCommerce store for its TruLyfe brand of human supplements;
• Announced that it is expanding its services into the Asia-Pacific market after establishing a presence in Singapore; and
• Achieved a record-breaking 315% increase in Black Friday sales year-over-year across its AR eCommerce platform.

NexTech AR Solutions has been successfully rolling out virtual and augmented reality solutions for e-commerce, education, conferences and events.

Contact Sean at [email protected]

Story by ProactiveInvestors