DigitalX (ASX:DCC) share price surges 10% on Bitcoin update

three young children weariing business suits, helmets and old fashioned aviator goggles wear aeroplane wings on their backs and jump with one arm outstretched into the air in an arid, sandy landscape.

Shares in DigitalX Ltd (ASX: DCC) stormed higher towards the end of market trade on Monday. This came after the blockchain and asset management services company released an update regarding its Bitcoin (CRYPTO: BTC) and digital asset holdings.

At the close of trade today, the DigitalX share price was up 10% at 11.5 cents after earlier surging 15% higher. It’s worth noting that its shares are a whisker away from breaking its multi-year high of 13.5 cents reached last November.

What did DigitalX announce?

At the end of each month, the company provides a snapshot of its funds under management and digital asset exposure.

For October, DigitalX recorded a record high of total funds under management at $38.99 million. This represents a 36.8% increase on the prior month, buoyed by the recent inflows and a strong digital asset market.

DigitalX highlighted a new funds flow of $1 million along with the Bitcoin price soaring to a new all-time high. The company’s Bitcoin and digital asset holdings are valued at $53.77 million, which includes 216 Bitcoin held as corporate treasury.

The company advised the monthly performance for its asset funds was driven by Bitcoin and the DigitalX fund, up 37.46% and 27.82% respectively. In addition, gold and equities from the All Ordinaries Index (ASX: XAO) were mixed, down 1.74% and up 0.12% correspondingly.

Quick take on DigitalX

Founded in 1998, DigitalX is an Australian technology and investment company focused blockchain technology development and digital assets funds management.

DigitalX gives investors a way to gain digital asset exposures through a secure and accessible platform.

The company operates through three segments, blockchain consulting and development, asset management, and other. The latter relates to governance, finance, legal, and risk management, company secretarial and management of the corporate entity.

DigitalX share price summary

Over the last 12 months, the DigitalX share price has lifted close to 60%, with year-to-date gains hovering around 20%.

Based on today’s price, DigitalX commands a market capitalisation of about $81.36 million and has approximately 739.68 million shares outstanding.

The post DigitalX (ASX:DCC) share price surges 10% on Bitcoin update appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.

from The Motley Fool Australia

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