DigitalX accelerates Bitcoin treasury strategy with latest $8.8 million purchase

DigitalX, the only crypto fund management company listed on the ASX in Australia, has strengthened its Bitcoin holdings by purchasing an additional 74.7 BTC worth approximately $8.8 million. This raises the total amount of Bitcoin held by the company to 499.8 #BTC , valued at around $91.3 million, reinforcing Bitcoin as a core asset in its treasury portfolio.

Trend of businesses accumulating Bitcoin

This transaction aligns with the increasing trend of large companies accumulating Bitcoin as a strategic asset, pioneered by MicroStrategy (now just Strategy) of Michael Saylor, which currently holds over 597,000 BTC. Recently, the Japanese company Metaplanet has also emerged with a similar strategy, dubbed the "MicroStrategy of Asia".

#DigitalX has also raised $13.5 million earlier this month to fund additional Bitcoin purchases and establish a strategic advisory board. DigitalX's chairman Leigh Travers affirmed that the company will continue to accumulate Bitcoin this year and in the coming years, with no plans to invest in other cryptocurrencies, emphasizing that "Bitcoin is king".

The trend of buying Bitcoin is not limited to cryptocurrency companies. Several publicly listed companies from less expected sectors are also getting involved, such as DDC Enterprise (a Hong Kong-based food company) which has raised $528 million to establish a Bitcoin treasury, and Solar Bank (a Canadian renewable energy company) has also declared its intention to accumulate Bitcoin. #anhbacong