Basel Medical Group Puts $1B Bitcoin Purchase on Hold

By Kelly Cloonan

Basel Medical Group is putting its plans to purchase about $1 billion in bitcoin on hold as it awaits greater regulatory clarity.

The medical services provider said Thursday the decision reflects U.S. authorities' ongoing regulatory review of digital assets and a lack of clarity around how forthcoming policies could impact the transaction.

The decision follows discussions with the consortium of bitcoin holders involved in the initial purchase agreement. Both parties believe it is prudent to put off the deal until there is greater regulatory certainty, the company said.

The agreement, announced in May, allotted for a purchase of up to 10,000 bitcoin, which had a market value of about $1 billion at the time.

Basel will continue to monitor developments closely and reassess the opportunity once the regulatory landscape becomes clearer, it said.

Write to Kelly Cloonan at kelly.cloonan@wsj.com