How a PPE company’s highly publicized $32M Bitcoin strategy quietly expired without purchasing a single coin

Jul. 31, 2026 at 6:20 am GMT • 2 min read 01 Rectitude’s $32.625 million Bitcoin financing line ended without producing shares or cash. 02 No Form F-1 appeared during the 45-day window, so the investors’ purchase obligation never arose. 03 Company accounts showed no equity proceeds, Bitcoin balance or digital-asset purchase cash flow.Rectitude Holdings’ $32.625 million financing intended mainly to fund Bitcoin purchases ended without producing shares or cash, according to the Singapore safety equipment supplier’s annual report filed July 30.The agreement was terminated on Oct. 9, 2025. That was 31 days after Rectitude publicly announced the plan, but 45 days after the company signed it on Aug. 25. Oct. 9 was also the facility’s preset outside date under the original Form 6-K.The facility gave Rectitude the option to sell shares to Constantinople Limited and Chen Zhiqiang at a 2.5% discount to a three-day pricing benchmark. Rectitude said most proceeds from any sales would fund Bitcoin purchases, with the remainder available for general corporate purposes.The $32 million figure marked the facility’s upper limit. The cash would arrive only if Rectitude turned on the tap, and the comp...