Indonesian Fintech DigiAsia Stock Doubles on $100M Bitcoin Purchase Plan

Shares of Indonesian fintech firm DigiAsia Corp surged by over 91% on May 19, after the Nasdaq-listed company announced plans to raise $100 million to initiate Bitcoin purchases as part of a new treasury strategy.

The Jakarta-based firm revealed that its board has .

DigiAsia says it intends to allocate up to 50% of its net profits toward acquiring Bitcoin, signaling a shift in how it plans to manage its capital amid growing corporate interest in digital assets.DigiAsia Eyes $100M Raise to Fuel Bitcoin Treasury Plan

In addition to deploying profits into Bitcoin, DigiAsia is actively exploring a capital raise of up to $100 million to kickstart its holdings.

The firm noted that it is in talks with regulated partners to develop yield-generating strategies for its Bitcoin, including lending and staking.

DigiAsia is also weighing the issuance of convertible notes and crypto-linked financial instruments to support its treasury initiative.

The company’s stock, which trades under the ticker FAAS, closed Monday at $0.36—a gain of more than 91% on the day.

However, after-hours trading saw a sharp pullback, with shares slipping to $0.28. Despite the recent rally, DigiAsia stock is down nearly 53% year-to-date, after peaking near $12 in March.

In its April financial update, DigiAsia reported a 36% increase in annual revenue, reaching $101 million in 2024.

It projects revenues of $125 million for 2025, alongside expected earnings before interest and taxes of $12 million.

DigiAsia joins a growing list of firms moving Bitcoin onto their balance sheets. Companies such as MicroStrategy, which holds over 576,000 BTC worth approximately $60.9 billion, have led the way.

Digiasia Corp (FAAS), perusahaan teknologi finansial (fintech) yang berbasis di Jakarta, berencana membentuk cadangan Bitcoin (BTC) strategis untuk kas perusahaan dengan modal US$100 juta atau setara Rp1,6 triliun. — Akademi Crypto (@akademicryptoid)

Others, including Strive Asset Management and GameStop, have recently announced plans or raised capital for similar strategies.

Collectively, corporate treasuries now hold over three million BTC, valued at more than $340 billion, according to data from Bitbo.

Industry figures like Blockstream CEO Adam Back argue this trend is accelerating Bitcoin adoption and could propel its market capitalization to $200 trillion in the coming decade.

For now, Bitcoin’s market cap hovers around $2 trillion, with the asset trading at $105,642, up 2% in the last 24 hours.Public Companies Increase Bitcoin Exposure

Public companies continue to increase their exposure to Bitcoin, with Michael Saylor’s firm, Strategy, leading the charge.

The Virginia-based company recently announced it would double its capital-raising efforts to $84 billion in order to acquire more Bitcoin.

This includes plans to sell an additional $21 billion in common stock, following the full utilization of a prior program approved in October.

In addition to equity sales, Strategy has also expanded its debt issuance target from $21 billion to $42 billion, with $14.6 billion still available under the current authorization.

This trend reflects a broader institutional interest in Bitcoin. During the first quarter of the year, publicly listed firms collectively grew their Bitcoin holdings by 16.1%, indicating continued confidence in the asset despite persistent market volatility.