COIN CITADEL COM NPV (OTCMKTS:CCTL) made waves when they decided to invest heavily in bitcoins. The move by CCTL obviously worked. The money invested last year gave them big returns and this Nevada holding company gained the interest of trader across the OTC.
Recently, CCTL that the company has signed a letter of intent to acquire a $3 million dollar revenue producing online gaming company for non-dilutive Preferred and Common shares of Coin Citadel stock. This acquisition will further diversify the company’s assets making it a holding company in multiple markets, thus minimizing exposure to market fluctuations within a single sector.
COIN CITADEL COM NPV (OTCMKTS:CCTL) are not the best explanation for their recent bump, but rather the record rise of bitcoin after the recent fork.
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Here is a quote from the company’s 10-k some time ago:
“In September, 2014, the Company purchased 513 Bitcoins, 2 websites and 1 year of website hosting and maintenance for 74,000,000 shares of Company common stock. The Company also received cash in the amount of $10,000 in this transaction. Because of technical problems, 15,000,000 of the common shares were actually issued in September, 2014 and the remaining 59,000,000 shares were issued in July.”
The company also said this recently about its bitcoin investment:
“Coin Citadel, a holding company, is closing on acquiring over $750,000 in Bitcoins. We are diligently working on finalizing a transaction for 1,675 Bitcoins, which will bring our Bitcoin assets up to 2,251 Bitcoins and closer to a value of one million USD dollars. This will be a Non-dilutive preferred stock transaction. We are extremely excited to be in the Bitcoin Industry. We feel that we are at the right place at the right time. We plan to announce more details of this transaction as well as two additional asset acquisitions later this week.”
The CEO said this about the company’s Bitcoin-based business model:
“As I said in our last press release, my job is to add value to the company, and to take advantage of opportunities like this. The more prudent acquisitions we make, and assets we have, the more valuable our company will be. With this Bitcoin asset, we will have over $1 million dollars in Bitcoins to complement our new upcoming acquisitions. With everything falling into place we feel we are moving forward in the right direction.”
COIN CITADEL COM NPV (OTCMKTS:CCTL) and its plan seem pretty obvious here. Hoard Bitcoins and use them to scaffold other transactions. CCTL is an experienced group and has been around since the mid-80s. However, they are not transparent with their balance sheet, so it is hard to see how much debt is on the books. However, they are definitely smooth operators and could surprise again with another smart business move. For now, CCTL has a market cap of 52,200 and 104.30M shares out. For continuing coverage on shares of $CCTL stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: We hold no position in $CCTL, either long or short, and we have not been compensated for this article.