Arizona-based real estate firm adopts LINK token treasury strategy, stock jumps 60%

Real estate management company Caliber said on Thursday it's adopting a digital asset treasury (DAT) strategy focused on accumulating LINK tokens.

The Scottsdale, Arizona-based firm, which trades on the Nasdaq, said its board of directors approved a plan to use funds to buy cryptocurrency — "specifically LINK tokens" — with equity. Caliber intends to hold LINK "for long-term appreciation and generating yield through staking," according to a statement.

DAT strategies continue to be popular, particularly among smaller-cap Nasdaq stocks like Caliber. The company, with ticker symbol CWD, saw its shares rise over 60% on Thursday, changing hands at $2.90 as of 10:38 a.m. ET, according to Yahoo Finance. Caliber's market cap is about $6.8 million.

In recent weeks, several companies have adopted altcoin DAT strategies with the aim of raising billions of dollars from investors with the hopes of turning a profit. Although the DATs are creating buy-side demand for crypto, some in the digital assets industry have voiced concerns about the trend.

"The Board believes that the adoption of the DAT strategy and DAT Policy can enhance shareholder value while strengthening the Company’s balance sheet and improving liquidity," Caliber said Thursday.

Caliber plans to use an existing ELOC, cash reserves, and an "issuance of equity-based securities" to help fund the new strategy.

Chainlink also made headlines earlier this week when Bitwise Asset Management submitted a preliminary S-1 to the U.S. Securities and Exchange Commission to launch a LINK exchange-traded fund.