Australian digital asset manager DigitalX has secured AU$20.7 million ($13.5 million) in strategic investment from global crypto players to expand its Bitcoin treasury.
The strategic investment saw major participants including Animoca Brands, UTXO Management and ParaFi Capital.
“The funds will expand DigitalX’s Bitcoin treasury, reinforcing our Bitcoin-first strategy,” DigitalX wrote on X. “Upon completion, DigitalX’s total assets will exceed AU$95 million ($62.13 million).”
The capital raised will be deployed into expanding DigitalX’s existing Bitcoin treasury position, an official announcement read.
Additionally, DigitalX added that crypto industry experts Yat Siu, co-founder of Animoca Brands and Hervé Larren, CEO of Airvey.io, will be joining the company’s strategic advisory board. The expertise board will provide strategic advice focused on Bitcoin and securing access to investors.
DigitalX Aims to Strengthen BTC Holdings
The ASX-listed firm follows the demonstrated success strategy of early Bitcoin adopters, including Michael Saylor’s Strategy and Metaplanet, which has been aggressively accumulating the largest crypto.
DigitalX noted that about AU$19.7 million ($12.8 million) will be deployed into expanding the company’s Bitcoin treasury, with the remainder allocated to costs of the offer and working capital.
In 2014, DigitalX listed as BTC mining firm and has been actively engaging in holding BTC to its balance sheet. The firm currently holds 65 Bitcoin directly and 881k units in its Bitcoin ETF (BTXX), worth around $43.3 million. Following the placement, DigitalX’s total assets will exceed $95 million in Bitcoin, and cash.
“This strategic investment marks a significant milestone for DigitalX as we continue to focus on Bitcoin as the core of our treasury strategy,” Interim CEO Demetrios Christou noted. “This partnership ensures DigitalX is well-positioned to execute its focused strategy and deliver long-term value for our shareholders.”
The post ASX-Listed DigitalX Secures $13.5M Institutional Backing to Boost BTC Reserves appeared first on Cryptonews.
