The DigitalX Ltd (ASX: DCC) share price is trading almost 20% higher today at 7.9 cents. In earlier trade, shares in the company were up by more than 27% after hitting an intraday high of 8.4 cents. DigitalX shares have also surged nearly 30% this week after hitting a low of 5.9 cents on Monday.
Let’s take a look at why the company is having such a stellar week.
What’s fuelling the DigitalX share price?
Early yesterday, DigitalX provided shareholders with a monthly update as at the end of March 2021. The announcement highlighted the company’s funds under management and the value of its Bitcoin (CRYPTO: BTC) related assets.
DigitalX noted a record balance of Bitcoin and digital assets of $35.2 million as at 31 March. In addition, it highlighted a 30% growth in funds under management to $31.9 million.
The company also declared a 28.39% growth in its Bitcoin fund and 25% growth in its DigitalX fund for the month. Given the substantial growth in Bitcoin and digital assets, Digital X intends to provide the market with monthly updates.
About DigitalX
DigitalX is a tech and investment company focused on blockchain consulting and digital funds management. The company’s consulting arm designs and develops blockchain technology applications for businesses. In addition, DigitalX also offers low-cost traditional asset management products for investors who want exposure to digital assets.
Despite going on an initial tear early in the year, the DigitalX share price is trading around 20% lower in 2021. Shares saw significant interest from investors in early February after the company reported record monthly inflows. In addition, DigitalX noted an increase in exposure to Bitcoin and highlighted plans to increase exposure to the wider digital asset market.
In early March, the DigitalX share price saw another jump after the company successfully raised $8.8 million in capital. According to the company, the funds raised will be used to grow its funds under management as well as for developing and implementing its Drawbridge RegTech product.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
More reading
- What’s driving the Bitcoin price higher?
- Will this Nasdaq IPO send the Bitcoin price back to record highs?
- ASX 200 Weekly Wrap: ASX sees 7,000 points once more
- With the Bitcoin price up overnight your crypto Tesla just got cheaper
- Bitcoin’s price is down 8% from February’s highs. Is it time to buy the dip?
Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post The DigitalX (ASX:DCC) share price is up 30% this week appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3sdujEt
Leave a Reply