Indonesian fintech firm DigiAsia Corp made headlines in the crypto space as its shares nearly doubled following the announcement of its plans to raise $100 million to seed its first Bitcoin purchases. The Jakarta-based Nasdaq-listed company revealed on May 19 that its board of directors had approved the creation of a Bitcoin treasury reserve. DigiAsia Corp stated that it would commit up to 50% of its net profits to fund the acquisition of Bitcoin.

In addition to the treasury reserve, DigiAsia Corp also stated that it was actively exploring a capital raise of up to $100 million to kickstart its Bitcoin holdings. The company plans to earn yield on its holdings through various means such as lending and staking. DigiAsia Corp mentioned that it had initiated discussions with regulated partners to explore yield strategies and manage its Bitcoin holdings. Moreover, the company is considering offering convertible notes or crypto financial instruments tied to its planned Bitcoin acquisitions.

The news of DigiAsia Corp's Bitcoin plans caused a surge in its stock price, with shares closing trading on May 19 with a gain of over 91% at 36 cents, according to Google Finance. However, after trading hours, the stock saw a 22% drop to 28 cents. Despite the recent volatility in its stock price, DigiAsia Corp reported solid financials in its April 1 update, with revenues growing 36% year-on-year to $101 million in 2024. The company projected further growth of 24% to $125 million in 2025, along with earnings before interest and taxes of $12 million.

DigiAsia Corp is not the only company embracing Bitcoin as part of its corporate strategy. Other firms, such as Strive Asset Management and GameStop Corporation, have also announced plans to allocate funds towards Bitcoin holdings. According to Bitbo data, corporate Bitcoin treasuries collectively hold over three million Bitcoin, valued at over $340 billion. Industry experts like Blockstream co-founder and CEO Adam Back believe that firms with Bitcoin-focused treasuries are driving global adoption and could potentially push Bitcoin's market cap to $200 trillion in the upcoming decade.

Bitcoin's market cap currently stands at around $2 trillion, with the price of BTC trading at $105,642, up 2% in the past day, according to CoinGecko. The growing trend of companies incorporating Bitcoin into their balance sheets highlights the increasing institutional adoption and acceptance of cryptocurrencies as a legitimate asset class. As more companies

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