Obscure $25M Firm's $1.7B Bitcoin Buy Bid Raises Questions

A little-known investment holding company, Nilam Resources, announced intent to acquire $1.72 billion in Bitcoin. This shocked the crypto community as Nilam's reported market cap is under $25 million.

Nilam said it would issue new Preferred Stock to acquire the coins at a discounted rate, but details were vague. Crypto experts questioned how the purchase would be funded.

Nilam's announcement was published then removed from the Nasdaq website. Its OTC stock price surged 990% to $0.18 following the news.

Experts suspect the announcement may be a scam to pump Nilam's stock price for profit, as a letter of intent does not guarantee execution.

Nilam provided few details about itself, with conflicting unofficial websites depicting it as either an investment company or South American gold miner.