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ZOOZ Power Secures $180 Million for Bitcoin Treasury Strategy

ZOOZ Power becomes the first dual-listed company to hold Bitcoin in its treasury, with plans to allocate the majority of funds to Bitcoin purchases.

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Summary

ZOOZ Power has raised $180 million in a private investment to implement a Bitcoin Reserve Strategy, making it the first dual-listed company on Nasdaq and TASE to hold Bitcoin. The funds will primarily be used for purchasing Bitcoin, enhancing the company's financial resilience. Major investors include Pantera Capital and FalconX, with Jordan Fried set to become the new CEO. Approximately 95% of the proceeds will go towards the Bitcoin treasury strategy after repaying $3 million in notes.

Terms & Concepts
  • Bitcoin treasury reserve strategy: A financial strategy involving the allocation of Bitcoin as a reserve asset to enhance a company's balance sheet.
  • private placement: A method of raising capital by selling securities directly to a small number of investors, often institutional, rather than through a public offering.
  • PIPE: Private Investment in Public Equity, a type of financing where investors purchase shares at a discount to the current market price.