DigitalX raises $13.5 million to buy Bitcoin, Animoca's Yat Siu joins Advisory Board

DigitalX (DCC), the only listed crypto fund management company in Australia on the ASX, has raised $13.5 million from digital asset investors to expand its Bitcoin holdings and establish a new strategic advisory board. Approximately $12.8 million will be used to purchase Bitcoin.

Funding and Bitcoin Strategy

This fundraising includes participation from Animoca Brands, UTXO Management, and ParaFi Capital. Alongside this, Yat Siu, the Executive Chairman of Animoca, and Web3 advisor Hervé Larren will join DigitalX's new advisory board. Siu emphasized that Bitcoin is the "initial onboarding tool" into the digital asset economy and believes that people should own a certain amount of Bitcoin, at least as a risk hedge. He sees Bitcoin as the gateway to the larger digital asset ecosystem.

#DigitalX is pursuing a Bitcoin accumulation strategy similar to MicroStrategy and Metaplanet, positioning itself as an effective investment vehicle to gain exposure to Bitcoin. Siu believes that companies adding Bitcoin to their balance sheets is a growing trend, but it is important to consider whether the company is serious about a long-term strategy or just seeking attention. He advises looking for companies that are building or have real expertise in Bitcoin.

When asked if this is the limit of DigitalX's Bitcoin strategy, Siu responded: "Deeper. This is the beginning, not the end." #anhbacong