ZOOZ Power Secures $180 Million to Bolster Bitcoin Holdings

ZOOZ Power Ltd. has secured shareholder approval for its $180 million fundraising to establish a Bitcoin Treasury Reserve, marking it as the first dual-listed company on Nasdaq and TASE to adopt Bitcoin.

The move highlights growing institutional acceptance of cryptocurrency, with potential market shifts anticipated as other firms may follow suit. Immediate effects on Bitcoin’s market value remain closely watched.

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ZOOZ Power has announced the shareholder approval of its $180 million fundraising plan to establish a Bitcoin Treasury Reserve. This makes it the first dual-listed company on both Nasdaq and TASE to take this step.

“Shareholders voted to approve all proposals related to the Company’s previously announced $180 million private placement (the ‘PIPE’) and Bitcoin Treasury Reserve Strategy” – ZOOZ Power Ltd. (Official Filing)

The $180 million allocation through a private placement includes 95% of net proceeds directed towards Bitcoin purchases. Alberto Franco and Jonas Grossman will join the board after the fundraising closes.

The initiative will significantly impact Bitcoin as the primary treasury asset. While no direct alters or stakeholders’ reactions are noted, the strategy places ZOOZ among prominent companies utilizing Bitcoin for financial diversification.

Financial implications highlight a strong market endorsement, with Nasdaq and TASE approvals reinforcing legitimacy. The decision showcases a commitment to Bitcoin, contrasting with traditional treasury assets.

Historical comparisons with firms like MicroStrategy show varied outcomes, but ZOOZ’s Nasdaq and TASE dual-listing introduce a unique precedent. The strategic focus on Bitcoin sets ZOOZ up for potential industry leadership in asset allocation strategies.