DigitalX Taps Animoca’s Yat Siu, Raises $13.5M to Buy Bitcoin

Digitalx (DCC), the only Australian manager of Kripto Funds, listed by ASX, raised $ 20.7 million ($ 13.5 million) from the consortium investors in a digital property to expand his Bitcoin Holdings and establish a new strategic advisor.

Position, at a price of $ 0.074 ($ 0.048) per share, attracted participation from Animacoca Brands, UTXO Management and Parafi Capital.

Investors have received one order for every two sections, which can be used at $ 0.15 ($ 0.10) and expiration for 18 months.

The company said $ 12.8 million would be used to buy an additional bitcoin, and the rest will go to operational costs and craft capital.

In addition to raising, Digitalx called the executive president of Animac, Yat Siu, and adviser to Web3 Hervé Larren to the newly established counseling board.

In an interview with Decipher on MondaySiu revealed that he was previously an investor in Digitalx and noted that both Digitalx and Animaca were once companies listing the ASX that moved a much different environment.

“As for the DCC, it made a special sense because you can invest in Australia through your Superannulation Funds (think that 401k is equivalent) in the ASX companies and this is a good way to exhibit the most famous digital property classes as Bitcoin,” Siu said.

“Because of the history of the DCC, this is, in fact, one, if not the only way to really do it: to be the only company with an ASX list that accumulates Bitcoin.”

Siu also said that Bitcoin viewed as an entrance to the wider ecosystem of the digital property.

“We think everyone should hold some bitcoin, if no other reason besides the hedge, and this is mostly understood as a value trade,” he said. “So, after having a bitcoin, directly or indirectly, you enter other tokens and expand the activity on the chain,” he said.

Bitcoin strategy

Asked about the risk that companies are switching to heavy bitcoin strategies, Siu said it depends on how the property is being acquired. “In increasing capital, such as this, the risk is quite low. If it is long, potentially larger, but it depends on what is security.”

The trend first gained attraction after the strategy began to aggressively buy Bitcoin in August 2020, mainly through the convertible debt supply. Led by Michael Saylor, the company has since become the largest corporate Bitcoin holder, with over 597.000 BTC.

The Japanese Metaplanet followed a similar path, positioning itself as “Microstrategy Asia’s Microstrategy” by gaining bitcoin with a combination of capital and planned increase in debt.

“The trend of placing bitcoin is also a marketing market in the balance sheet, not too different from other trends,” Sui said. “The question to ask is:” Did the company set Bitcoin or any other token in the balance sheet or just looking for attention? “

He noted that although the trend of bitcoin-on-n-balanc-resist, the motivation differs.

“It’s not unlike token,” he added. “You seek attention, and when putting bitcoin in the balance sheet, it offers attention, it supports it, but it will not last when everyone has it.”

“My general advice is: Look for companies that build or have a true expertise around it, and then it becomes your approach/protection/investment in Bitcoa’s future, if that is an approach you like,” Siu said.

Asked if the current capital collection was marked by the scope of Digitalx’s Bitcoin Strategy, Siu simply answered, “Deeper. This is the beginning, not the end.”