🚀DigiAsia announces plan to purchase 100 million USD Bitcoin, stock rises 91% in one day
On May 19, shares of Indonesian fintech company DigiAsia Corp (ticker: FAAS) surged 91%, closing at 0.36 USD, after announcing its plan to buy 100 million USD worth of Bitcoin as part of a new treasury strategy.
DigiAsia stated it would allocate up to 50% of net profits to Bitcoin while seeking to raise 100 million USD through convertible bonds and cryptocurrency-linked financial instruments. The company is also negotiating to implement lending and staking forms to generate profits from the BTC held.
However, the stock dropped to 0.28 USD in after-hours trading and is currently down nearly 53% from the beginning of the year, having previously peaked at nearly 12 USD in March.
According to the April report, DigiAsia's revenue for 2024 is projected to reach 101 million USD, a 36% increase compared to the previous year.
