Unicoin plans to acquire a majority stake in Diamond Lake and launch a cryptocurrency reserve strategy

ChainCatcher news, according to CoinDesk, cryptocurrency company Unicoin announced it will acquire a 51% stake in digital asset company Diamond Lake Minerals and plans to rename it DiamondLake, focusing on building a portfolio of altcoin assets, with a strategy similar to MicroStrategy's Bitcoin accumulation model. The deal is valued at over $70 million and is expected to be completed within 20 days.

This move comes as Unicoin and its executives are being sued by the U.S. SEC for alleged securities fraud, accused of misleading investors and illegally raising over $100 million. The new entity will focus on crypto assets, reshaping its funding strategy with an emphasis on the emerging altcoin market.