The DigitalX Ltd (ASX: DCC) share price is storming higher towards the end of market trade on Thursday. This comes after the company released an update on its recently acquired digital share trade execution business, Sell My Shares.
At the time of writing, the blockchain and asset management services provider’s shares are fetching for 10.5 cents, up 19.32%.
What did DigitalX announce?
Investors are fighting to get a hold of DigitalX shares following the company’s positive release.
In a statement to the ASX, DigitalX advised it has integrated the Drawbridge mobile application with Sell My Shares. This will enable employees and directors to quickly execute trades which have been approved under their company’s share trading policy.
DigitalX noted that the feature marks an important milestone to commercialise Drawbridge, and reap the rewards. The business application focuses on opening revenue streams through trading proceeds in addition to a software as a service model.
Furthermore, the company stated it has beefed up the Sell My Shares team with the appointment of Peter Hume. Taking on the role as product owner, Mr Hume will be tasked with executing on product improvement and growth opportunities.
An experienced technologist, Mr Hume formerly held positions chief technology officer (CTO) of stock market information platform, Market Index. He also co-founded and served as CTO of savings and digital asset investment app, Bamboo.
Pleasingly, it appears the Sell My Shares business is exceeding growth targets following DigitalX’s acquisition on 30 September. As such, the first two months has experienced revenues of 35% greater than originally forecasted in the purchase agreement.
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 snapshot
Adding to today’s gain, the DigitalX share price has surged by more almost 30% over the past 12 months. However, when looking at year-to-date, its shares are treading around 12% higher.
Based on today’s price, DigitalX commands a market capitalisation of about $77.96 million and has approximately 742.44 million shares outstanding.
The post DigitalX share price leaps 19% on Sell My Shares update appeared first on The Motley Fool Australia.
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More reading
- Here’s why the DigitalX (ASX:DCC) share price is leaping 9% today
- The DigitalX share price has tumbled 30% in 8 days. What’s happening?
- Why did the DigitalX (ASX:DCC) share price fall 10% this morning?
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.
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