How a PPE company’s highly publicized $32M Bitcoin strategy quietly expired without purchasing a single coin
Rectitude Holdings’ planned $32.625 million share financing, meant mainly to fund Bitcoin purchases, ended without issuing shares or raising cash. The company terminated the facility on Oct. 9, 2025, its preset outside date. Under the deal, Rectitude could choose when and how much to draw, but investor purchase obligations would arise only after an effective Form F-1 resale registration and a valid advance notice. No F-1 or effectiveness notice appeared during the 45-day commitment window. Rectitude’s interim and annual filings also show no change in issued shares or additional paid-in capital, no proceeds from common shares, and no Bitcoin or other digital-asset holdings or purchase cash flows. Taken together, the filings indicate the facility never settled and did not fund any Bitcoin purchases.
