The shares of Indonesian fintech company DigiAsia Corp have nearly doubled since the firm announced it will raise $100 million for its first Bitcoin purchase.
It is a Jakarta-based Nasdaq Listed Company said On May 19, its Board of Directors approved the creation of a Bitcoin.BTC) “treasury reserve” Then it was “committing up to 50% of any net profits generated to fund the acquisition of BTC.”
DigiAsia also said that it was “actively exploring a capital raise of up to US$100 million” Kickstart your business Bitcoin holdings The company would then look for ways to increase the yield of its assets, such as through lending or staking.
DigiAsia reported that it has “initiated discussions with regulated partners” Click here to find out more about yield strategies Manage its Bitcoin investments. The company said it also was considering whether or not to sell crypto finance instruments, such as convertible notes and cryptocurrency-linked financial instruments in connection with its Bitcoin plans.
DigiAsia stock explodes on Bitcoin plans
After the Bitcoin announcement by DigiAsia Corp, shares closed trading on May 19, with a profit of 91%. The closing price was 36 cents. according Google Finance
DigiAsia’s stock fell 22% after the bell to 28 cents. In the first half of this year alone, DigiAsia shares have fallen nearly 53%. They peaked in March 2020 at a little under $12.
DigiAsia released a quarterly financial report on 1 April. reported Its revenues increased by 36% annually to $101 millions in 2024. The company projected a growth rate of 24 percent to $125 millions in 2025 and earnings before taxes and interest of $12 million.
Bitcoin is becoming increasingly popular with companies. Michael Saylor’s StrategyMicroStrategy was formerly known as. It is the company with the most Bitcoins, 576,230 BTC worth $60.9 billion.
Strive Asset Management, announced by May 7, that it’s going to transition into a Bitcoin treasury companyGameStop Corporation and. have completed their convertible debt offerings on April 1 that raised $1.5 billionBitcoins will also be purchased with some of the proceeds.
Related: Metaplanet scoops 1,004 Bitcoin in 2nd-biggest buy ever
Bitbo reports that corporate Bitcoin treasuries have collectively held over 3,000,000 Bitcoins, valued at over $340 Billion. data.
Adam Back is the co-founder, CEO and founder of Blockstream. predicted that firms with Bitcoin-focused treasuries Bitcoin market cap could hit $200 trillion by 2025.
Bitcoin market capitalization is now at $2 trillion. BTC has changed hands for $105,642, an increase of 2% over the last day. according CoinGecko is a free online game.
Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review
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Source: cointelegraph.com
