ZOOZ Power soars 250% after approval of bitcoin offering and treasury
- ZOOZ shares surge after $180 million PIPE offering
- Company plans to allocate 95% of resources to bitcoin
- ZOOZ could enter the top 50 BTC corporate treasuries
Shares of Nasdaq-listed ZOOZ Power rose sharply on Friday after shareholders approved its $180 million private placement and its strategy to allocate funds to a Bitcoin treasury. The move solidifies the company as the first publicly traded company in the United States and Israel to hold BTC directly on its balance sheet.
On Thursday, shares closed at $2,33, but jumped 262% in premarket trading, reaching $8,44, before correcting. By early afternoon, they were trading at $3,84, still up 65% from their previous close.
According to the approved plan, approximately 95% of the net proceeds from the PIPE offering, after settlement of outstanding promissory notes, will be allocated to the purchase of Bitcoin. At current prices, this represents approximately 1.470 BTC, which would place ZOOZ among the 50 largest public companies with Bitcoin treasuries, according to data from Bitcoin Treasuries. Currently, the leader in this ranking is Strategy, which holds 638.985 BTC after its most recent acquisition.
The initiative has major institutional investors such as Pantera Capital, FalconX, and Arrington Capital. To lead this strategic transition, the company has appointed Jordan Fried, an early investor in Hedera Hashgraph, as its new CEO.
“As ZOOZ solidifies its position as a pioneer in dual-listed bitcoin treasury, American and Israeli investors will now have direct access to our model,”
Fried stated. He added that the strategy aims to transform Bitcoin into a strategic asset for growth, stability, and differentiation, as well as attracting innovation-oriented stakeholders.
The company expects to close the private offering as early as next week, subject to customary closing conditions and final documentation. The move reinforces the trend of publicly traded companies adopting bitcoin as a central part of their treasury policies.
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.
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