Shares with the Indonesian Fintech company Digiasia Corp almost doubled after the company said it plans to raise $ 100 million to deliver the first to many Bitcoin purchases.
The Jakarta -based company listed in Nasdaq Says On May 19 that the board of its directors approved the creation of a Bitcoin (Btc) “Treasury Reserve” and it will “make up to 50% of any net income generated to fund the acquisition of BTC.”
Digiasia said it was also “active exploration of a capital increase of up to US $ 100 million” to kick it Bitcoin’s handling and look to earn harvest in its holdings by ways such as lending and staking.
Digiasia said that “it started discussions with regulated partners” in harvest Strategies and management of planned Bitcoin handling. The company also added that it also assesses if it offers a changing record or crypto financial instruments that are linked to the planned haul of Bitcoin.
Digiasia stocks exploded in Bitcoin plans
Shares to Digiasia Corp (FAAS) closed May 19 trade with a gain of more than 91% to 36 cents after the company’s Bitcoin announcement, According to In Google Finance.
However, after the bell, the Digiasian stock dropped by 22% to 28 cents. The company’s share has dropped nearly 53% to this year, which has sank just under $ 12 in March 2024.
In a financial update on April 1, Digiasia reported Its revenues rose 36% year-to-year to $ 101 million in 2024. It is expected to grow 24% to $ 125 million in 2025, including earnings before interest and tax of $ 12 million.
A growing number of companies adding bitcoin to their corporate handling, following its popularity by Michael Saylor’s approachFormer microstrategy, with Bitcoin’s largest handling of any public company at 576,230 BTC, worth about $ 60.9 billion.
Striver’s asset management was announced on May 7 that It goes to move to a Bitcoin Treasury companyand video game retailer Gamestop Corporation (GME) has completed a modified debt offer On April 1 that raised $ 1.5 billionwith some proceeds that are marked for the purchase of bitcoin.
Related: Metaplanet scoops 1,004 bitcoin in 2nd-biggest buy ever
Corporate Bitcoin Treasury collectively holds more than three million in Bitcoin, worth more than $ 340 billion, according to Bitbo Data.
Blockstream co-founder and CEO Adam back Predicting companies with Treasury dedicated to Bitcoin has been driving a global adoption and can push the Bitcoin market cap to hit $ 200 trillion in the coming decade.
Bitcoin’s market cap is currently sitting around $ 2 trillion, with change of BTC’s hands to $ 105,642, up to 2% on the previous day, According to In coingecko.
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