Bitcoin has been making headlines lately for revolutionising the world of stock exchange and investments. The cryptocurrency mania has held financial markets across the world, including Wall Street. This time it has opened the fortune doors for the Bachchan family as their stock investment of $250,000 has swelled up to a value of $17.5 million in a period of two-and-a-half years.
In May 2015, Amitabh Bachchan and his son Abhishek invested $250,000, as part of their personal investment, in Meridian Tech Pte, a Singapore firm founded by Venkata Srinivas Meenavalli.
Meridian's prime asset Ziddu.com was acquired by another Meenavalli-backed overseas company LongFin Corp just two days after the latter's listing on NASDAQ. Ziddu was only a cloud storage and e-distribution start-up when the Bachchans had invested in Meridian. Later in December 2017, it came to be known as a Blockchain technology empowered solutions provider that offers microfinance using 'cryptocurrencies across continents'.
Magic words like ‘blockchain’ and ‘cryptocurrencies’ acted as a catalyst for the LongFin stock rise that made a progress more than 1000 percent between last Wednesday and Monday. It had surged over 2500 percent on Friday when the possession deal for Ziddu was announced.
Meenavalli told Economic Times in a text message that the Bachchans received 250,000 shares of LongFin following the asset purchase instead of their holding in Meridian Tech. Bachchans' holding in LongFin is valued at $17.5 million (which at the current exchange rate is approximately ₹114 crore) at Monday’s stock price of $70 a share in LongFin.
Certainly, Big B is at the apex of the Bitcoin swing that no Bollywood personality had probably ever seen coming.
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