CIMG Inc. Wraps Up $13.5M Equity Raise Settled Entirely in 207.7 Bitcoin

CIMG Inc. (Nasdaq: IMG) said it has completed an equity offering in which investors paid not in dollars, but in Bitcoin. The transaction closed on June 22 and generated about $13.5 million in gross proceeds through the sale of 900 million units at $0.015 per unit, based on an assumed Bitcoin price of $65,000. Each unit consisted of one share of common stock plus a two-year warrant. The company said the placement was conducted primarily with non-U.S. investors, who delivered a total of approximately 207.7 BTC to settle the purchase price. Unlike most corporate Bitcoin-treasury adopters that accumulate coins via open-market buys, CIMG is taking Bitcoin directly as consideration for newly issued equity. The closing forms part of a broader Securities Purchase Agreement that could total up to $650 million in proceeds, largely denominated in Bitcoin, subject to additional closings and future share authorizations. CIMG's Bitcoin-focused financing has precedent. In September 2025, the company raised $55 million in a private placement by issuing 220 million shares in exchange for 500 BTC. By December 2025, it reported total Bitcoin holdings of 730 BTC, valued at roughly $46 million at the time. Adding 207.7 BTC would lift that figure further, though the current total may vary depending on any interim uses of the assets. At $0.015 per unit, the raise underscores CIMG's microcap profile and a capital structure that can expand rapidly. The two-year warrants embedded in each unit add a leveraged element for investors, effectively tying upside to both CIMG's execution and Bitcoin's price path. The $65,000 assumed Bitcoin price also functions as a negotiated exchange rate between BTC and equity for this closing. CIMG's structure reflects a broader trend that blends Bitcoin treasury strategy with alternative capital formation. The playbook of holding Bitcoin on the balance sheet was popularized by MicroStrategy, now Strategy, but CIMG's approach removes the fiat conversion step: non-U.S. investors contribute Bitcoin and receive Nasdaq-listed equity directly. The company, in turn, increases its Bitcoin holdings without the market impact associated with open-market purchases. The $650 million cap under the purchase agreement would require meaningful additional share authorizations, bringing potential shareholder-vote requirements and dilution concerns. This closing alone added 900 million warrants, and combined with prior issuances, the dilution risk could be significant if Bitcoin rises and warrants move in the money. CIMG's equity trades in fractions of a penny, and its Bitcoin position represents a central component of its investment case. A material decline in Bitcoin would hit the balance sheet directly, and as a microcap issuer, the company has less operating revenue to absorb volatility than larger corporate adopters.