Lingerie Fighting Championships to Add $2M in Bitcoin to Treasury Ahead of Expansion to UK
The bitcoin treasury trend — which has seen many firms globally adopting Michael Saylor's strategy — entered a new phase on Thursday.
Lingerie Fighting Championships (BOTY), a Las Vegas-based women's MMA league, announced plans to acquire $230,000 worth of bitcoin within 30 days and up to $2 million over the next six months.
The decision to add BTC to its treasury coincides with LFC's first shows in the UK. LFC43: Sindependence Day 2 is set for July 4 in London and has already sold out. LFC44: Underground Knockouts follows in Cardiff on July 6.
The firm did not provide any explanation for its bitcoin adoption in its press release. However, CEO Shaun Donnelly told CoinDesk that LFC believed that "bitcoin has lots of potential to grow to levels never seen before and we wanted to get in while we still can."
"While we aren't able to purchase a large amount I looked at it like real estate — even if it's only a small starter home it's better to be in the market than outside wishing you had gotten in when you could have," he added.
A number of bitcoin treasury firms have elected to scale back their prior businesses in order to identify completely as a BTC company and focus on raising funds in order to buy bitcoin.
Lingerie Fighting Championships, meanwhile, could be taking the Tesla approach, simply converting some of its cash holdings into BTC.
UPDATE (June 26, 19:10PM): Updated with comments from Donnelly.
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