South American gold mining company Nilam Resources has announced its intention to acquire 24,800 Bitcoins, valued at approximately $1.7 billion, through a Letter of Intent (LOI) with Xyberdata Ltd. The acquisition involves issuing a new Preferred Class of Series C Stock in exchange for the Bitcoin, with the transaction set to occur at a rate below the current market value. This strategic move will enable Nilam Resources to gain 100% ownership of MindWave, a special purpose entity in Mauritius, which will hold the digital assets as collateral for capital investment in high-yield projects.

Pranjali More, CEO of Nilam Resources, emphasized the company’s dedicated efforts over recent months to finalize the necessary agreements, underscoring their commitment to transparency and sustainability. With Bitcoin increasingly recognized as the “Gold Standard” of digital transactions, Nilam Resources aims to leverage the market rally to exceed assets worth one billion US dollars. The acquisition terms will be outlined in forthcoming definitive agreements, with MindWave expected to become a subsidiary of Nilam Resources, offering shareholders new class Preferred Shares (Class C) with conversion rights upon listing on NASDAQ or other liquidity events. Keshwarsingh Nadan, Director of Xyberdata Ltd., expressed enthusiasm about the partnership, highlighting their collaboration with fintech experts.

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