As the Bitcoin wave surges ever upward, it seems a surprising Bollywood entity is reaping the rewards.
B-town legend Amitabh Bachchan and his family are receiving a bounty from a $250,000 investment in May 2015, which has now swelled to a cool $17.5 million in this short time.
In May 2015, Bachchan Senior and his son Abhishek invested $250,000 in Singapore-based company Meridian Tech Pte, founded by Venkata Srinivas Meenavalli. Meridian was a relatively small player in the industry, with its prime asset being Ziddu.com, a “cloud storage, and e-distribution startup”.
Just last week, Ziddu was acquired by another Meenavali company called LongFin Corp, just two days after the latter was first listed on NASDAQ. That’s a big deal because Ziddu isn’t a cloud storage company anymore. Instead, it’s now a “Blockchain technology empowered solutions provider” offering microfinance services using “cryptocurrencies across continents.”
With Bitcoin and other cryptocurrencies being the belle of the ball right now, those two magic words was apparently all it took for LongFin’s stock to shoot up over 1,000 percent last week. And of course, thanks to their initial investment in Meridian, the Bachchans received 250,000 shares in LongFin when it bought the property. That means, with LongFin’s stock on Monday sitting at $70 a share, the Bachchans now have a holding of $17.5 million in the company, or about Rs 114 crore.