Robin Energy Allocates $5 Million in Bitcoin, Stock Surges 100%

Robin Energy Ltd. (NASDAQ: RBNE) has allocated $5 million in Bitcoin on September 10, marking a shift in its treasury management strategy. This decision follows board approval and aims to enhance operational efficiency in response to evolving market conditions for digital assets.

Key details:

Allocation executed through Anchorage Digital Bank N.A.
CEO Petros Panagiotidis highlighted Bitcoin's scarcity as fitting the company's long-term growth objectives.
Continued monitoring of market trends is planned for potential future adjustments.
Robin Energy operates a Handysize tanker and an LPG carrier, with Bitcoin allocation part of broader reserve diversification.

Market Reaction

Following the announcement, Robin Energy’s stock surged nearly 100% on the same day, reaching an intraday high above $4.20 before closing at $2.30, reflecting a day-over-day increase of 20%. The stock had previously traded around $1.87 throughout August.

Trading volume increased significantly, indicating strong interest from both retail and institutional investors. The spike illustrates market appetite for companies involved in digital assets.

The use of Anchorage Digital’s platform suggests a focus on secure and compliant custody options. Future allocations will be subject to market developments and board discretion. Robin Energy becomes the 110th public company to incorporate Bitcoin into its treasury strategy.