On June 9, Belgravia Hartford Capital, the Canadian Securities Exchange listed investment issuer, announced the completion of its initial bitcoin ( BTC) purchase as part of its new treasury strategy. The company said it acquired 4.86152969 BTC for USD $500,000, at an average price of USD $102,848.30 per BTC, inclusive of all associated fees and expenses.

Belgravia Hartford said the purchase marks the first transaction under a new credit facility of up to USD $5,000,000 secured from Round 13 Digital Asset Fund L.P. (Round 13 DAF). According to a statement, Belgravia has already accepted the first tranche drawdown of USD $5,000,000.

Mehdi Azodi, CEO of Belgravia Hartford Capital, expressed optimism regarding the timing of the acquisition. “We are very pleased to have entered the market at this time,” Azodi stated. “Belgravia and Round 13 DAF will continue to monitor the Facility and our holdings of BTC as we move into the anticipated active Summer for Belgravia, cryptocurrencies and BTC in particular.”

The company, meanwhile, revealed a substantial $32,273,771 (CAD $44,133,563) non-capital loss from its 2023 tax return, which can be carried forward for future tax years. This non-capital loss is set to expire after 20 tax years, with an allowable business investment loss converting to a net capital loss after 10 tax years. Reflecting on this development, Azodi stated:

Belgravia’s accounting, legal, and business advisors are exploring a number of options and opportunities in order to monetize this CAD $44 million Non-Capital Loss for the benefit of shareholders and further strengthen our balance sheet to match our stated BTC treasury strategy.

The move into bitcoin as a treasury asset signals a strategic shift for Belgravia, aiming to leverage the potential upside of the cryptocurrency market while actively seeking ways to utilize its significant tax loss carryforwards to enhance shareholder value and reinforce its financial position.

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