Giant Company Traded on Nasdaq Prepares to Buy $100 Million in Bitcoin! Here Are the Details

Singapore-based fintech firm DigiAsia Corp. announced plans to raise up to $100 million to create a Bitcoin treasury reserve. Shares of the company surged more than 90% during regular trading hours on Monday following the news. Nasdaq-Listed DigiAsia Plans $100 Million Bitcoin Treasury Reserve Strategy The company announced in a press release that its board of directors approved a strategy to allocate 50% of its future net profit to Bitcoin (BTC) purchases. While no BTC has been purchased yet, DigiAsia has emphasized that it is “actively exploring” raising capital to fund this initiative, revealing its intention to join the number of public companies that have integrated Bitcoin into their balance sheets. Shares of DigiAsia rose 91% to $0.36 in Monday trading, but were down 22% in after-hours trading. Despite that gain, the stock is still down more than 50% since the beginning of the year. “We believe Bitcoin is an attractive long-term investment and a foundational asset for modern treasury diversification.” — Prashant Gokarn, DigiAsia Corp. Co-CEO The company added that it is evaluating various financing mechanisms, including convertible bonds and crypto-linked instruments, to support its Bitcoin strategy. It also plans to generate returns on its assets through institutional lending and staking through regulated partners. DigiAsia reported in an update in April that it forecast $101 million in revenue and $12 million in EBIT (earnings before interest and taxes) for 2024. It remains to be seen whether the company will successfully raise funds and implement its Bitcoin purchasing strategy, but the announcement has clearly piqued the interest of investors. DigiAsia joins companies like MicroStrategy and Metaplanet that are positioning Bitcoin as a long-term institutional asset. *This is not investment advice. Continue Reading: Giant Company Traded on Nasdaq Prepares to Buy $100 Million in Bitcoin! Here Are the Details

Source: BitcoinSistemi