The cryptocurrency explosion continues as Macau casino investor Success Universe Group Ltd purchased $1.3 million in Bitcoin or 24.3 units in an exchange platform. It’s all part of diversifying the company’s investment holdings, according to Inside Asian Gaming.
“In recent times, the Board [has] observed increasing popularity of cryptocurrencies in the commercial world, with inclusion of cryptocurrencies in investment portfolios of institutional investors and more companies accepting cryptocurrencies, including Bitcoin, as an official payment option,” Success Universe said.
The company acknowledged the current volatility of the market but that long term, such acquisitions should appreciate in value.
Success Universe reported a loss of HK$141.9 million (US$18.3 million) in 2020 due to its Macau resort, Ponte 16. The company holds a 49 percent stake in Ponte 16, with the remaining 51 percent held by SJM – Investment Limited.
