Belgravia’s entry has more than symbolic meaning; it is a strategic financial decision. The company drew on the first tranche of a US$5 million credit facility to finance its Bitcoin purchase, setting an early precedent for using leverage to acquire crypto exposure while not necessarily impacting the operational liquidity of the company, at least not in the immediate term.
“We are extremely happy to have entered the market at this juncture,” said CEO Mehdi Azodi. “Belgravia and Round13 DAF will keep observing the facility and our BTC holdings as we enter the expected active Summer.”
Buying in at this level might look aggressive considering Bitcoin’s present volatility, but it is indicative of increasing faith in BTC’s long-term proposition as a non-sovereign treasury asset.
What sets Belgravia apart from its counterparts is the intention to incorporate tax planning in its crypto strategy. The firm revealed a CAD 44.13 million non-capital loss for 2023, an asset that can be carried forward over twenty years. Management has tried looking for ways to use this loss to build the balance sheet and possibly secure a further allocation in Bitcoin.
This strategy of credit-based purchase, merged with tax minimization, speaks of a more mature corporate outlook. It begs the question of whether mid-sized companies were ever in better standing than today to counterbalance risk in the tumultuous environment that is crypto.
Belgravia joins over 226 public companies globally now holding Bitcoin on their balance sheets. From giants like MicroStrategy to newcomers such as Japan’s Metaplanet and Know Labs, institutional appetite is surging. Analysts at Bernstein recently projected that corporate Bitcoin adoption could see inflows upwards of $330 billion by 2029.
In this context, Belgravia’s acquisition, albeit small, is more than any other entry in the books. It constitutes further confirmation of the decentralization of Bitcoin adoption from crypto-native companies to mainstream financial institutions in search of new hedges in uncertain macroeconomic conditions.
Bitcoin was priced somewhere at the $109,300 mark at the time as per the announcement that came from Belgravia. The cryptocurrency stabilized after a spate of volatility earlier in 2025. There is another set of risks brought into play with the company’s decision of leveraging debt to finance the purchase. Especially so if that asset is on a downward trend.
Whether this bet pays off will depend not only on Bitcoin’s performance but on Belgravia’s ability to turn tax assets and treasury policy into sustained shareholder value. As corporate finance begins to intersect with decentralized assets, Belgravia’s move might be a bellwether or a cautionary tale.