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The publicly traded company Davis Commodities plans to establish a Bitcoin strategic reserve.
On June 6, publicly traded Davis Commodities, which plans to build a strategic reserve for Bitcoin, has announced the successful approval of a $30 million funding round, of which 15% of the total amount raised, or $4.5 million, will be used to buy Bitcoin. Davis Commodities is a Singapore-based agricultural trading company that trades agricultural products such as sugar, rice, and oils, and distributes these products to multiple markets, including Asia, Africa, and the Middle East. The company also provides supporting services such as warehousing and handling, storage and logistics related to agricultural products.