Bitcoin Goes Corporate In Indonesia With $100 Million Treasury Shift
DigiAsia Corp's shares surged over 91% to 36 cents on May 19 after announcing plans to centralize Bitcoin in its operations and raise $100 million to build a BTC reserve. The company will allocate up to 50% of its net profits for Bitcoin acquisitions. However, the stock price fell 20% to 28 cents after hours, indicating volatility in investor sentiment. DigiAsia's stock had previously declined by about 50% this year, trading near $12 in March 2024. The board approved Bitcoin as a treasury reserve asset, and management is exploring yield generation through lending or staking. In 2024, DigiAsia reported $101 million in revenue, a 36% increase from the previous year, with a target of $125 million for 2025. Despite ambitions, the company remains smaller compared to major players like MicroStrategy, which holds over 576,000 BTC.
