Shares in the Indonesian fintech firm DigiAsia Corp nearly doubled after the company said it plans to raise $100 million to seed its first of many Bitcoin buys. <\/p>\n
The Jakarta-based Nasdaq-listed company said<\/a> on May 19 that its board of directors approved creating a Bitcoin (BTC<\/a>) \u201ctreasury reserve\u201d and it was \u201ccommitting up to 50% of any net profits generated to fund the acquisition of BTC.\u201d<\/p>\n DigiAsia said it was also \u201cactively exploring a capital raise of up to US$100 million\u201d to kickstart its Bitcoin holdings<\/a> and would look to earn yield on its holdings through means like lending and staking.<\/p>\n DigiAsia said it had \u201cinitiated discussions with regulated partners\u201d on yield strategies<\/a> and managing its planned Bitcoin holdings. The company added that it was also assessing whether to offer convertible notes or crypto finance instruments linked to its planned Bitcoin haul.\u00a0<\/p>\n Shares in DigiAsia Corp (FAAS) closed May 19 trading at a gain of just over 91% at 36 cents after the company\u2019s Bitcoin announcement, according<\/a> to Google Finance.<\/p>\n DigiAsia\u2019s Bitcoin plan has seen its stock price rise over 90% in the regular trading session. Source: <\/em>Google Finance<\/em><\/a><\/p>\n However, after the bell, DigiAsia stock dropped 22% to 28 cents. The company\u2019s shares are down nearly 53% so far this year, having peaked at just under $12 in March 2024.\u00a0<\/p>\n In a financial update on April 1, DigiAsia reported<\/a> its revenues grew 36% year-on-year to $101 million in 2024. It projected growth of 24% to $125 million in 2025, along with earnings before interest and taxes of $12 million.<\/p>\n A growing number of companies are adding Bitcoin to their corporate holdings, following its popularization by Michael Saylor\u2019s Strategy<\/a>, formerly MicroStrategy, which has the largest Bitcoin holdings of any public company at 576,230 BTC, worth nearly $60.9 billion.<\/p>\n Strive Asset Management announced on May 7 that it\u2019s going to transition into a Bitcoin treasury company<\/a>, and video game retailer GameStop Corporation (GME) finished a convertible debt offering on April 1 that raised $1.5 billion<\/a>, with some proceeds earmarked for buying Bitcoin.\u00a0<\/p>\n Related: <\/strong><\/em>Metaplanet scoops 1,004 Bitcoin in 2nd-biggest buy ever<\/strong><\/em><\/a><\/p>\n Corporate Bitcoin treasuries collectively hold over three million in Bitcoin, worth over $340 billion, according to Bitbo data<\/a>.<\/p>\n Blockstream co-founder and CEO Adam Back predicted that firms with Bitcoin-focused treasuries<\/a> are driving global adoption and could push Bitcoin\u2019s market cap hit $200 trillion in the coming decade.\u00a0<\/p>\n Bitcoin\u2019s market cap is currently sitting at around $2 trillion, with BTC changing hands at $105,642, up 2% in the past day, according<\/a> to CoinGecko.\u00a0<\/p>\nDigiAsia stocks explode on Bitcoin plans<\/h2>\n