DigitalX (ASX:DCC) announced a capital raising plan, amassing $10.3 million through a private placement with an additional $5.1 million to be raised via a rights issue for existing shareholders.
The move is aimed at bolstering the company's expansion in digital asset staking and investment.
The fundraising initiative includes an investment from the company's directors and new strategic advisor, Antanas Guoga, who has committed $4.7 million to the company.
The funds raised will enhance the company's financial position, with expectations to receive approximately 41 Bitcoin worth around $7 million from Mt Gox administrators in 2025.
Guoga has also been appointed as a strategic advisor to DigitalX to aid its growth efforts.
"With Tony on board, we are well-positioned to capitalise on increasing demand for digital asset services and products," said Greg Dooley, Interim CEO of DigitalX.
The company also highlights an increase in demand for its spot Bitcoin ETF and reports record monthly revenues from its Sellmyshares business, indicating strong market performance.
Shareholders will convene in late January 2025 to approve the second tranche of shares and discuss additional options issuance set for the company's leadership.
DigitalX is a technology and investment company focused on growing the blockchain economy through its digital asset funds management business, digital fintech and regtech products, and blockchain ventures.
At the time of reporting, DigitalX's share price was $0.07.