Amazing AI becomes latest Aquis-listed firm to adopt Bitcoin reserve policy
Amazing AI has seen its stock rocket after the fintech firm became the latest Aquis-listed business to adopt a Bitcoin treasury policy.
The US firm, which offers consumer loans, said it will “strategically allocate” capital generated from its business operations and future fundraisings, with the aim of maintaining a treasury consisting of both traditional cash reserves and Bitcoin.
Amazing AI said the move “aligns with the directors’ views that bitcoin provides a means to preserve value over time and serve as a hedge against both inflation and geopolitical events.” The firm added that it would shortly begin raising cash from shareholders to execute the strategy shift, and intended to start buying Bitcoin in July.
The company’s stock jumped 65 per cent to 7p in early London trade on the back of the announcement – but remains down some 90 per cent over the past 12 months.
The move emulates that adopted by Aquis peer Smarter Web Company, which has seen its market cap swell past the £1bn mark – making it the biggest Aquis constituent – after the firm adopted its own Bitcoin treasury policy.
The Smarter Web Company, which offers web design, web development and online marketing services, has now raised funds five times since its IPO in April, following another £30m raise in June.
“The company believes that Bitcoin forms a core part of the future of the global financial system and as the company explores opportunities through organic growth and corporate acquisitions is pioneering the adoption of a Bitcoin Treasury Policy into its strategy,” Smarter Web Company said.
In addition to the new policy, Amazing AI, which trades as “Mr Amazing Loans” in the US, said it was exploring bitcoin related lending opportunities in developed and emerging markets, particularly in The Philippines and Africa.
CEO Paul Mathieson has previous experience in setting up a crypto coin, crypto exchange and facilitating the free transfer of funds via a crypto coin for overseas foreign workers from Spain to The Philippines, Amazing AI said.
“We believe there are synergies between our core online consumer loans business, best-of-breed AI finance related services and our new Bitcoin Treasury Policy,” Mathieson added.