Nasdaq-listed DigiAsia plans $100 million raise to buy Bitcoin

Indonesian fintech firm DigiAsia saw its Nasdaq-listed stock jump 90% after the company announced plans to raise up to $100 million to purchase Bitcoin.

In a statement released Monday, DigiAsia said its board of directors approved its decision to establish a Bitcoin treasury reserve, which the company said aligns with a "growing trend" among publicly traded companies.

As part of the strategy, the company plans to set aside 50% of "any net profits" generated to fund the Bitcoin acquisition. It is also exploring raising up to $100 million in capital to buy Bitcoin and execute "crypto-based yield strategies."

"DigiAsia has initiated discussions with regulated partners on BTC yield strategies and the management of the BTC treasury reserve," the company said, adding that it is evaluating capital markets solutions such as equity-linked offerings, convertible notes, and structured crypto finance instruments.

In the wake of the announcement, DigiAsia's stock surged 91% on the Nasdaq, closing at $0.3553 on Monday, but fell 23.47% in after-hours trading, according to Yahoo Finance data. It's worth noting that DigiAsia's stock has collapsed 96% over the past year, declining from $9.6 in May 2024.

Founded in Jakarta, DigiAsia operates as a fintech-as-a-service provider, offering services including cashless payments and digital wallets in emerging markets, according to the statement.

The company disclosed last month that it generated $101 million in revenue in 2024, up 36% year-on-year, and it predicts a 24% revenue growth in 2025.

DigiAsia's decision to stack Bitcoin follows in the footsteps of companies like Strategy and Metaplanet. Strategy, led by Michael Saylor, said Monday that it purchased another 7,390 BTC for $764.9 million, raising its total holdings to 576,230 BTC. Japan's Metaplanet also announced Monday the purchase of an additional 1,004 BTC, bringing its total holdings to 7,800 BTC.