From Cointelegraph
May 20, 2025 12:53 AM:

Shares in Indonesian fintech firm DigiAsia Corp nearly doubled after announcing plans to raise $100 million for Bitcoin purchases. The company aims to create a Bitcoin “treasury reserve” and allocate 50% of net profits to acquiring BTC. DigiAsia is also exploring a capital raise to kickstart its Bitcoin holdings for future growth.

DigiAsia Corp stocks soared over 90% following the Bitcoin announcement, closing at 36 cents on May 19. However, after trading closed, the stock dropped 22% to 28 cents. The company’s shares have declined by 53% this year, reaching a peak of nearly $12 in March 2024.

In 2024, DigiAsia reported a 36% revenue growth to $101 million and projected a 24% increase to $125 million in 2025. The company also anticipates earnings before interest and taxes of $12 million. Corporate Bitcoin treasuries collectively hold over three million BTC, valued at over $340 billion.

Strive Asset Management and GameStop Corporation are among the companies transitioning to Bitcoin treasuries, following the lead of Michael Saylor’s MicroStrategy. Blockstream CEO Adam Back predicts firms with Bitcoin-focused treasuries could drive global adoption and push Bitcoin’s market cap to $200 trillion in the next decade. Bitcoin’s current market cap is around $2 trillion, with BTC priced at $105,642.

Read more at Cointelegraph: Indonesia’s DigiAsia shares pop 90% on plan to raise $100M to buy Bitcoin