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4w ago

Allied Gaming Adds Bitcoin and Ethereum to Treasury as Shares Surge

The company describes the purchase as the first step in a blockchain pivot aimed at new digital revenue streams.

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Overview

  • Allied Gaming & Entertainment disclosed its first direct crypto investment by placing Bitcoin and Ethereum in its corporate treasury.
  • AGAE shares jumped as much as 105% intraday following the news and remained significantly higher later in the day, according to market data.
  • Executives said the allocation will support plans for crypto payments, IP tokenization, and the integration of stablecoins and utility tokens across its ecosystem.
  • The company did not reveal the size of its Bitcoin and Ethereum purchases.
  • Second-quarter results showed about $1.9 million in revenue, a $4.8 million net loss, roughly $60 million in cash and short-term investments, and $44.9 million in working capital.