ASX-Listed DigitalX Adds Another $8.8M in Bitcoin, Boosts Holdings to Nearly 500 BTC
Main Idea
ASX-listed DigitalX has increased its Bitcoin holdings to nearly 500 BTC, valued at over $100 million, as part of its strategy to build a long-term position in Bitcoin.
Key Points
1. DigitalX purchased an additional 74.7 BTC at an average price of $117,293 per coin, bringing its total holdings to 499.8 BTC.
2. The company's Bitcoin holdings are split between 306.8 BTC on its balance sheet and 193 BTC managed through its stake in the DigitalX Bitcoin ETF.
3. DigitalX raised $13.5 million earlier in July, with $12.8 million already allocated to Bitcoin purchases, and expanded its strategic advisory board.
4. The trend of companies building Bitcoin treasuries is spreading, with examples like Metaplanet and DDC Enterprise in Asia and Solar Bank in Canada.
5. Concerns have been raised about the long-term viability of Bitcoin treasury strategies, including potential stock dilution and legal challenges faced by firms like MicroStrategy.
Description
Australia’s only ASX-listed cryptocurrency fund manager, DigitalX, has increased its Bitcoin holdings with the purchase of 74.7 BTC for approximately $8.8 million. Key Takeaways: DigitalX has boosted its Bitcoin holdings to nearly 500 BTC, now valued at over $100 million. The firm allocated $12.8 million from a recent capital raise toward Bitcoin accumulation. DigitalX joins a growing list of public companies embracing Bitcoin as a long-term treasury asset. The move brings its total holdings to ...
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