Nasdaq-listed gaming stock AGAE pops 105% after establishing DAT, eyes 'proprietary' RWA models
Quick Take The NY-based gaming company plans to expand blockchain payment options across its entertainment properties, develop tokenization models for real-world assets like live events and film IP.
Shares of Allied Gaming & Entertainment (ticker AGAE) traded up more than 100% on Friday morning after the company made its initial investment in bitcoin and ether as part of its corporate treasury strategy. The specific amount purchased was not mentioned in the press release .
Allied Gaming said the move is its first step toward incorporating crypto on its balance sheet and lays the foundation for "broader blockchain and Real World Asset (RWA) tokenization initiatives."
The Nasdaq-listed stock hit a high of $2.18 and shares traded around $1.73 at publication time, up 89% according to Yahoo Finance data. The company has a market cap of $73 million.
"We see cryptocurrency not only as a store of value, but also as a strategic building block for the future of our business," CEO Yangyang (James) Li stated in the release. "Integrating blockchain and digital assets into our ecosystem is a natural progression of our vision to connect people through gaming, entertainment, and innovative financial technologies."
The company plans to expand blockchain payment options across its entertainment properties, develop tokenization models for real-world assets like live events and film IP, and lay the groundwork for stablecoin and utility token integration to boost engagement and liquidity.
The New York-based company produces a variety of e-sports and gaming-related content along with live and virtual events.
The value of the stacked crypto holdings of these companies recently crossed $120 billion, according to Yahoo Finance data, as small-cap companies seek to emulate the returns from the leading crypto treasury company, Strategy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Breaking! Apple's brand-new product line revealed, Siri AI enters the home
Paramount (PSKY.US) $110 Billion Acquisition Financing Delayed: Bond Issuance Postponed for Three Months, May Have to Pay $500 Million More in Annual Interest
Paramount has been continuously pitching financing bonds to investors for the acquisition of Warner Bros. Discovery (WBD.US) for several months. However, as the negotiation period has been forced to extend, the financing costs have also risen.
Trump Plans to Announce South Korea's $200 Billion Energy Investment in the U.S., Covering Eight Nuclear Power Plants and the Alaska LNG Project
U.S. President Trump is expected to announce a plan on Wednesday for approximately $200 billion in South Korean-supported U.S. energy projects, involving eight large nuclear power plants, major power generation facilities in Texas, and an Alaskan liquefied natural gas (LNG) export project.
Apple (AAPL.US) plans to enter the next major category of smart homes in the new AI application sector, with a central device set to be released on October 13
Apple is finally preparing to enter the next major sector: smart home.
Crypto prices
More
