CIMG Inc., the Nasdaq-listed company trading under the ticker IMG, just closed a stock offering where investors didn’t pay in dollars. They paid in Bitcoin. About 207.7 of them.

The transaction, which closed on June 22, raised approximately $13.5 million through the sale of 900 million units priced at $0.015 each. Each unit included one share of common stock and a two-year warrant, and the deal was struck primarily with non-US investors who settled the tab using Bitcoin valued at an assumed price of $65,000 per coin.

How a micro-cap company became a Bitcoin vacuum

CIMG isn’t just buying Bitcoin on the open market like most corporate treasury plays. It’s accepting Bitcoin as direct payment for equity. That’s a fundamentally different relationship between a public company and the asset.

This latest closing is part of a broader Securities Purchase Agreement that could eventually generate up to $650 million in total proceeds, largely denominated in Bitcoin. That’s contingent on future share authorizations and additional closings.

The company’s Bitcoin treasury strategy didn’t start this week. Back in September 2025, CIMG raised $55 million through a private placement that involved selling 220 million shares in exchange for 500 Bitcoin. That deal effectively launched the company’s identity as a Bitcoin-accumulating public entity.

By December 2025, CIMG’s total Bitcoin holdings had reached 730 BTC, valued at roughly $46 million at the time. This latest acquisition of 207.7 BTC pushes that figure higher still, though the exact current total depends on whether any coins have been moved off the balance sheet for operational purposes in the interim.

The math behind $0.015 shares

At $0.015 per unit, the company is operating in micro-cap territory where share counts stretch into the billions. The warrant component of each unit carries meaningful speculative value. A two-year window on warrants attached to a company that’s actively accumulating Bitcoin gives holders a leveraged bet on both the company’s execution and Bitcoin’s price trajectory.

The assumed Bitcoin price of $65,000 used for valuation purposes in this transaction provides a reference point for how both parties agreed to price the digital asset component of the deal, essentially creating a bespoke exchange rate between equity and Bitcoin for this specific closing.

Why companies are skipping the dollar

CIMG’s approach sits at the intersection of corporate Bitcoin treasury strategies and alternative capital formation methods. The corporate treasury playbook was popularized by MicroStrategy, now Strategy, which turned its balance sheet into what amounts to a leveraged Bitcoin fund. CIMG’s twist is cutting out the fiat middleman entirely. Non-US investors hand over Bitcoin, CIMG hands over equity.

For non-US investors specifically, this structure allows them to deploy Bitcoin holdings into a Nasdaq-listed equity without first converting to dollars, which in some jurisdictions can trigger tax events or regulatory friction. The company gets to add Bitcoin directly to its treasury without market impact from open-market purchases.

The $650 million ceiling on the broader Securities Purchase Agreement would require significant additional share authorizations, which means shareholder votes and potential dilution concerns. With 900 million new warrants outstanding from this closing alone, plus whatever was issued in prior rounds, the potential dilution is substantial. If Bitcoin rallies and these warrants move into the money, the share count could expand dramatically.

CIMG is a micro-cap company with a share price measured in fractions of a penny. Its Bitcoin holdings represent a significant portion of its total value proposition. If Bitcoin’s price drops materially, the company’s balance sheet takes a direct hit, and unlike larger treasury adopters, there’s less operational revenue to cushion the blow.