Shares of Indonesian fintech firm DigiAsia Corp surged by over 91% on May 19, after the Nasdaq-listed company announced plans to raise $100 million to initiate Bitcoin purchases as part of a new treasury strategy.
The Jakarta-based firm revealed that its board has approved the creation of a Bitcoin treasury reserve.
DigiAsia says it intends to allocate up to 50% of its net profits toward acquiring Bitcoin, signaling a shift in how it plans to manage its capital amid growing corporate interest in digital assets.
DigiAsia Eyes $100M Raise to Fuel Bitcoin Treasury Plan
In addition to deploying profits into Bitcoin, DigiAsia is actively exploring a capital raise of up to $100 million to kickstart its holdings.
The firm noted that it is in talks with regulated partners to develop yield-generating strategies for its Bitcoin, including lending and staking.
DigiAsia is also weighing the issuance of convertible notes and crypto-linked financial instruments to support its treasury initiative.
The company’s stock, which trades under the ticker FAAS, closed Monday at $0.36—a gain of more than 91% on the day.
However, after-hours trading saw a sharp pullback, with shares slipping to $0.28. Despite the recent rally, DigiAsia stock is down nearly 53% year-to-date, after peaking near $12 in March.
In its April financial update, DigiAsia reported a 36% increase in annual revenue, reaching $101 million in 2024.
It projects revenues of $125 million for 2025, alongside expected earnings before interest and taxes of $12 million.
DigiAsia joins a growing list of firms moving Bitcoin onto their balance sheets. Companies such as MicroStrategy, which holds over 576,000 BTC worth approximately $60.9 billion, have led the way.
Others, including Strive Asset Management and GameStop, have recently announced plans or raised capital for similar strategies.
Collectively, corporate treasuries now hold over three million BTC, valued at more than $340 billion, according to data from Bitbo.
Industry figures like Blockstream CEO Adam Back argue this trend is accelerating Bitcoin adoption and could propel its market capitalization to $200 trillion in the coming decade.
For now, Bitcoin’s market cap hovers around $2 trillion, with the asset trading at $105,642, up 2% in the last 24 hours.
Public Companies Increase Bitcoin Exposure
Public companies continue to increase their exposure to Bitcoin, with Michael Saylor’s firm, Strategy, leading the charge.
The Virginia-based company recently announced it would double its capital-raising efforts to $84 billion in order to acquire more Bitcoin.
This includes plans to sell an additional $21 billion in common stock, following the full utilization of a prior program approved in October.
In addition to equity sales, Strategy has also expanded its debt issuance target from $21 billion to $42 billion, with $14.6 billion still available under the current authorization.
This trend reflects a broader institutional interest in Bitcoin. During the first quarter of the year, publicly listed firms collectively grew their Bitcoin holdings by 16.1%, indicating continued confidence in the asset despite persistent market volatility.
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