DigitalX (DCC), Australia’s sole ASX-listed crypto fund manager, has raised A$20.7 million (US$13.5 million) from a consortium of digital asset investors to expand its Bitcoin holdings and establish a new strategic advisory board.
The placement, priced at A$0.074 (US$0.048) per share, drew participation from Animoca Brands, UTXO Management, and ParaFi Capital.
Investors received one warrant for every two shares, exercisable at A$0.15 (US$0.10) and expiring in 18 months.
The company said $12.8 million would be used to purchase additional Bitcoin, with the remainder to go towards operational costs and working capital.
Alongside the raise, DigitalX named Animoca's Executive Chairman, Yat Siu, and Web3 advisor Hervé Larren to its newly formed advisory board.
In an interview with Decrypt on Monday, Siu revealed he was previously an investor in DigitalX and noted that both DigitalX and Animoca were once ASX-listed companies navigating a markedly different environment.
“As far as DCC is concerned, it made particular sense because in Australia you can invest via your superannuation funds (think 401k equivalent) in ASX companies and it’s a good way to get exposure to the most recognized digital asset class being Bitcoin,” Siu said.
“Due to DCC’s history, it is also, in effect, one if not the only way of really doing that: being the only ASX-listed company that is accumulating Bitcoin.”
Siu also said he views Bitcoin as a gateway to the broader digital asset ecosystem.
“We think everyone should hold some Bitcoin, if for no other reason than a hedge, and it’s most well understood as a store of value,” he said. “So once you have some Bitcoin, directly or indirectly, you get into other tokens too and expand the on-chain activity,” he said.
The Bitcoin strategy
Asked about the risks of companies shifting to Bitcoin-heavy strategies, Siu said it depends on how the assets are acquired. “In an equity raise, like this one, risk is fairly low. If it is debt, potentially higher, but it depends on what the security is.”
The trend first gained traction after Strategy began aggressively purchasing Bitcoin in August 2020, mainly through convertible debt offerings. Led by Michael Saylor, the firm has since become the largest corporate holder of Bitcoin, with over 597,000 BTC.
Japan’s Metaplanet has followed a similar path, positioning itself as “Asia’s MicroStrategy” by acquiring Bitcoin through a combination of equity and planned debt raises.
“The trend to put Bitcoin on the balance sheet is markets marketing too, not too dissimilar from other trends,” Sui said. “The question to ask is ‘Is the company putting Bitcoin or any other token on its balance sheet serious for the long term, or just seeking attention?”
He noted that while the Bitcoin-on-balance-sheet trend is growing, motivations vary.
“That is not unlike tokens,” he added. “You seek attention, and when putting Bitcoin on your balance sheet, it gives attention, it supports it, but that won’t last when everyone has it.”
“My general advice is: look for companies that are building or have true expertise around it, and then it becomes your access/hedge/investment into a Bitcoin future of sorts if that is the approach you like,” Siu said.
When asked if the current capital raise marked the extent of DigitalX’s Bitcoin strategy, Siu responded simply: “Deeper. This is the beginning, not the end.”
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