DigitalX, listed on the ASX, continues to increase its Bitcoin reserves, bringing them to 500 BTC valued at approximately $91.3 million.
DigitalX's Bitcoin Accumulation Strategy
DigitalX has purchased an additional $8.8 million worth of Bitcoin, establishing a new accumulation strategy. This tactic reinforces their confidence that Bitcoin will be the safest long-term investment in a volatile market. DigitalX Chairman, Leigh Travers, stated, "We’re not chasing short-term gains. Our goal is sustainable Bitcoin accumulation, guided by macroeconomic fundamentals and long-term conviction."
Stock and Capital Insights
With the recent purchase, DigitalX's total reserves stand at 499.8 BTC, equivalent to about $91.3 million at current prices. The average acquisition cost for this batch is $117,293 per BTC, demonstrating the company's readiness to buy even in a bullish market. These accumulations may be linked to a recent $13.5 million capital raise, of which $12.8 million has already been allocated to Bitcoin.
Skeptical Opinions and Risks
Some analysts express concerns that ongoing capital raises for Bitcoin accumulation may dilute shareholder value if the asset underperforms. Other experts are wary about the long-term viability of such strategies if Bitcoin enters another bearish cycle.
DigitalX’s strategic acquisitions demonstrate that Bitcoin accumulation is becoming a cornerstone of corporate strategies. With nearly 500 BTC in reserves, the company sets an example in the Australian crypto market.
