DigitalX Limited Expands Capital Raising To $5.3m On Bitcoin Fund Demand

Investment company DigitalX Limited (ASX: DCC has received firm commitments to raise $5.3 million from new and existing institutional and sophisticated investors.

The company expanded the placement to $5.3 million because of strong demand at the issue price of 6.7 cents per share, a discount of 19.2% to the closing price on 13 March 2024.

The fund manager operates the DigitalX Bitcoin Fund and the DigitalX Fund which gained 47.9% and 36.8% in February, respectively.

The funds outperformed the 24% gain for the S&P Cryptocurrency Top 10 Equal Weight Index.

They also outpaced the All Ordinaries Index which rose 0.6% and the price of gold which rose 1.6% over the month.

Total funds under management for the funds were at $38.4 million at the end of February.

Rise of Bitcoin price

Gains in the funds were attributed to the Bitcoin price which rose by almost US$20,000 over February, closing up 43.5% to over US$61,000.

Money pouring into U.S.-based spot Bitcoin ETFs following SEC approval has pushed the price of Bitcoin to new heights.

DigitalX operates a digital asset low-cost funds management business, digital fintech and regtech products, and blockchain ventures.

As well, it develops blockchain technology applications for business and enterprise organisations.

 

 

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