DigiAsia, an Indonesian fintech company, is the latest to showcase the effect of announcing a potential BTC treasury. The mere announcement of plans to buy BTC led to a 91% stock rally within the past day.
DigiAsia, an Indonesian fintech company, saw its stock rally over 91% hours after announcing an upcoming BTC treasury. The firm joins a long list of public announcements, some of which served to boost the company’s stock and profile.
“We believe Bitcoin represents a compelling long-term investment and a foundational layer for modern treasury diversification,” said Prashant Gokarn, Co-CEO of DigiAsia, in an earlier statement.
“This move positions DigiAsia at the forefront of institutional crypto adoption and reflects our broader commitment to fintech and blockchain innovation,” he said.
DigiAsia plans to keep BTC as a long-term asset, while also seeking passive income through lending or other yield-generating solutions.
DigiAsia seeks a $100M financing round
Shares of FAAS rose from $0.19 to $0.56 immediately following the announcement, but then fell to $0.36. FAAS is currently down from $9.45 in 2022 and has been declining over the past few years.
The BTC treasury announcement arrives after a long slide for the stock price, so the daily gains are not as significant in the long term. Even the plans to acquire BTC often give a short-term boost to a company’s stock price and improve attention and social media presence.
DigiAsia faces the challenge of raising $100M to achieve its purchasing goals. The company has secured board approval at this stage, but will still have to gauge the demand for its financial instruments. The company will also allocate up to 50% of any net earnings to acquire BTC.
DigiAsia reported $101M in revenues for 2024, with a small net loss. The company projects revenues of $125M for 2025, as the fintech sector expands in Southeast Asia. DigiAsia taps into the model of supplying small and medium companies with financial services. The company’s products include cashless payments, digital wallets, and banking ramps. It is active in Southeast Asia, India, and the Middle East.
For now, not all companies have fulfilled their intentions, and they are still working out the details of fundraising. Even those that are building treasuries are nowhere near the achievements of Strategy, MARA Holdings, or Metaplanet.
Corporate treasuries lag behind ETFs
Pubic companies still lag behind ETFs in terms of BTC demand. The relative novelty of corporate treasuries signals that buying may just be starting out.
Strategy currently holds 2.74% of the BTC supply, still lower compared to BlackRock’s IBIT ETF, which holds 3.04% of the supply.
In total, public companies hold 795,887 BTC, with only a few successful instances of leveraged purchases and regular treasury additions. For some of the companies, BTC holdings were a legacy from mining operations. ETFs and other funds are much more active buyers, holding over 1.34M BTC.
The main difference is that ETFs are usually highly active sellers, often worsening BTC market crashes. Corporate treasuries are more long-term focused, with only limited selling from mining corporations.
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