Source: Radio New Zealand
Locate Technologies is the first company to quit the ASX in favour of the NZX RNZ / Angus Dreaver
ASX-listed Bitcoin treasury business is moving to the NZX in pursuit of a faster pathway to growth than that offered by the Australian stock market.
Locate Technologies is the first company to quit the ASX in favour of the NZX and the first NZX-listed firm to adopt Bitcoin as its primary reserve asset.
Locate Technologies chief executive Steve Orenstein said using Bitcoin as a reserve asset was a sticking point with the ASX, but not with NZX.
“The NZX immediately understood what we’re building and the scale of the opportunity,” he said.
“After engaging with exchanges globally, it was clear the NZX is forward-thinking and aligned with our vision.
We are proud to call New Zealand our new listed home.”
The company was transitioning its listing from the ASX to the NZX through a ‘top hat’ arrangement that transferred all shares into New Zealand while keeping operations, management and strategy unchanged.
The shares would begin trading at 11am on 3 December at 7.5 cents a share.
“This is a milestone not just for Locate Technologies, but for the NZX and for investors who want safe, regulated exposure to digital assets,” Orenstein said.
Locate Technologies was based in New South Wales and operations would continue to be headquartered there.
However, he said the company would have an executive office in Auckland, with New Zealand-based Easy Crypto co-founder Janine Grainger appointed to the board.
Grainger said it made sense to choose New Zealand over other overseas options, “particularly when the NZX can provide that access in a regulated and trusted way.”
Orenstein said the company was focused on combining financial innovation with disciplined governance and shareholder stewardship.
Why Bitcoin?
“By anchoring our strategy in Bitcoin and combining it with disciplined governance, we are confident we can deliver enduring value and position New Zealand at the forefront of this global financial shift,” Orenstein said.
Bitcoin was the world’s most durable monetary network, he said.
“I believe Bitcoin is going to be better to hold than traditional currency.
“Bitcoin has a limited number of supply. It’s independent of any individual, any government, any corporation.
“And so there’s some really great characteristics around why Bitcoin is very likely to become a much more stable currency in the future, versus holding traditional fiat currency.”
Investors in Locate would get long-term exposure to Bitcoin, he said.
“Aligning our balance sheet with this standard is not about speculation – it is about resilience, discipline and long-term value creation.”
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
