DigiAsia Corp Plans $100 Million Bitcoin Reserve Strategy in Indonesia

Shares of Indonesian fintech firm DigiAsia Corp surged over 91% to 36 cents after announcing plans to establish a Bitcoin reserve, aiming to raise $100 million for this initiative. However, the stock price later fell by 20% in after-hours trading, closing at 28 cents.

Key Points

DigiAsia plans to allocate up to 50% of its net profits toward Bitcoin acquisition.
The company aims to treat Bitcoin as a treasury reserve asset.
Current revenue stands at $101 million for 2024, with a target of $125 million for 2025.
Management is exploring yield-earning opportunities through regulated partners.
Concerns exist regarding DigiAsia's capacity to compete with larger firms like Strategy and GameStop.

Bitcoin's current market value is approximately $105,116, with a total market cap near $2 trillion.