Coinspeaker
South American Nilam Resources Eyes $1.7B Bitcoin Bet

Nilam Resources Inc (OTCMKTS: NILA), a precious metal mining company based in South America has announced intentions to acquire $1.7 billion worth of Bitcoin (BTC).

The Nilam Resources $1.7B Bitcoin Bet

Nilam Resources highlighted in a recent update that it recently signed a Letter of Intent (LOI) with  Xyberdata Ltd to purchase all of the common shares of a special purpose company called MindWave, which will hold 24,800 Bitcoin it plans to acquire.

While commenting on the acquisition, Nilam Resources’ CEO, Pranjali More stated:

“The Company and team have been working diligently over the last several months to finalize all agreements and due diligence necessary to proceed to a legally binding Letter of Intent (LOI).”

In addition to Bitcoin, Nilam Resources said it will also acquire other assets belonging to Mindwave that will be used as collateral to generate money for investments in ventures that will produce large returns. Through the acquisition, Nilam Resou...