On May 19, the shares of Indonesian fintech firm DigiAsia Corp. (FAAS) jumped by 91% after the company revealed its plans to get involved with Bitcoin. The Nasdaq-listed company based in Jakarta has announced that its board has agreed to form a Bitcoin treasury and will use up to half of its future profits to buy BTC.
DigiAsia also aims to raise $100 million to kickstart its Bitcoin holdings. It is in talks with regulated partners to explore ways to earn yield from its BTC—like lending or staking. The firm is also considering issuing convertible notes or crypto-linked finance products to fund the move.
The news sent DigiAsia’s stock soaring to 36 cents. But after-hours trading saw a 22% drop, bringing it down to 28 cents. Despite the surge, the stock is still down 53% in 2024, after peaking at nearly $12 in March.
On April 1, DigiAsia reported $101 million in revenue for 2024, up 36% from last year. It expects to grow another 24% in 2025, hitting $125 million, with $12 million in pre-tax earnings.
DigiAsia is the latest company to add Bitcoin to its assets. Strategy (previously MicroStrategy) holds the largest amount of BTC at 576,230 BTC valued at $60.9 billion. GameStop and Strive Asset Management have recently started dealing with Bitcoin.
Corporate Bitcoin treasuries now hold over 3 million BTC, worth more than $340 billion. Some experts, like Blockstream CEO Adam Back, believe Bitcoin’s market cap could hit $200 trillion within a decade.
Also Read: Bitcoin Is Beating Gold as a Store of Value: MEXC
