Rectitude's $32M Bitcoin Financing Deal Falls Through Without Single Purchase

Rectitude Holdings, a Singapore-based safety equipment supplier, had a $32.625 million financing agreement that was meant to fund Bitcoin purchases.

The agreement, which ended on October 9, 2025, gave Rectitude the option to sell shares to Constantinople Limited and Chen Zhiqiang at a 2.5% discount to a three-day pricing benchmark.

However, according to Rectitude's annual report filed July 30, no shares were sold, and the company did not use any of the funds for Bitcoin purchases.

The agreement required an effective resale registration statement on Form F-1, which was never submitted during the 45-day commitment window.