FAAS Stock Rockets as Indonesian Fintech Bets Big on Bitcoin Treasury Move

Jakarta-based DigiAsia Corp (FAAS) just gave traditional finance another reason to sweat—its shares skyrocketed after announcing plans to allocate treasury reserves to Bitcoin. Because nothing says ’trust the system’ like hedging against it with crypto.

The market’s reaction? A textbook ’buy the rumor’ frenzy. While Wall Street still debates ETFs, emerging-market fintechs are quietly rewriting corporate treasury playbooks—one Satoshi at a time.

Cynics whisper about volatility, but FAAS’s gamble highlights a growing trend: companies in inflationary economies treating BTC as digital gold. Whether this moonshot pays off or crashes, it’s proof that crypto’s institutional era won’t be led by Goldman Sachs.

TLDR

• DigiAsia announced plans to raise $100 million to create a Bitcoin treasury reserve
• The company will commit up to 50% of net profits to fund Bitcoin acquisitions
• FAAS stock jumped over 90% following the announcement, closing at $0.36
• DigiAsia is exploring yield strategies through lending and staking for its Bitcoin holdings
• This move follows other companies like Strategy (formerly MicroStrategy) that have added Bitcoin to corporate treasuries

DigiAsia Corp, a Jakarta-based fintech firm listed on Nasdaq, saw its share price nearly double after announcing plans to establish a Bitcoin treasury reserve.

The company’s board of directors approved the creation of this reserve on May 19, causing the stock to surge by over 90% in a single trading session.

The company plans to raise up to $100 million to kickstart its bitcoin holdings. This capital will help fund the initial purchase of the cryptocurrency.

In addition to the capital raise, DigiAsia has committed to allocating up to 50% of any net profits generated toward buying more Bitcoin. This strategy shows a long-term commitment to building their crypto reserves.

DigiAsia’s stock (FAAS) closed at $0.36 on May 19, representing a gain of just over 91% following the announcement. However, the stock dropped 22% in after-hours trading to $0.28.

The company’s shares have had a volatile year. Despite the recent surge, FAAS is down nearly 53% year-to-date from its peak of nearly $12 in March 2024.

The Corporate Bitcoin Treasury Trend

DigiAsia’s MOVE is part of a growing trend among companies adding Bitcoin to their corporate treasuries. This strategy was popularized by Michael Saylor’s Strategy (formerly MicroStrategy).

Strategy currently holds the largest Bitcoin reserves of any public company with 576,230 BTC. At current prices, this holding is worth nearly $60.9 billion.

Other companies have followed suit. Video game retailer GameStop raised $1.5 billion through a convertible debt offering in April, with some proceeds earmarked for Bitcoin purchases.

Strive Asset Management also announced on May 7 that it WOULD transition into a Bitcoin treasury company, further highlighting this growing corporate strategy.

According to Prashant Gokam, Co-CEO of DigiAsia, “We believe Bitcoin represents a compelling long-term investment and a foundational LAYER for modern treasury diversification. This move positions DigiAsia at the forefront of institutional crypto adoption.”

The company stated that this initiative would help preserve shareholder value and improve treasury returns. This rationale echoes what other Bitcoin treasury companies have claimed.

Yield Generation Strategies

DigiAsia isn’t just planning to hold Bitcoin. The company said it was “actively exploring” ways to earn yield on its holdings through methods like lending and staking.

The firm has “initiated discussions with regulated partners” regarding these yield strategies and managing its planned Bitcoin holdings. This approach could potentially generate additional revenue streams from their crypto assets.

DigiAsia is also assessing whether to offer convertible notes or crypto finance instruments linked to its planned Bitcoin reserves. This could provide more financing options tied to their cryptocurrency holdings.

In its most recent financial update on April 1, DigiAsia reported revenue growth of 36% year-on-year to $101 million in 2024. The company projects 24% growth to $125 million in 2025, along with earnings before interest and taxes of $12 million.

According to data from Bitbo, corporate Bitcoin treasuries collectively hold over three million Bitcoin, worth over $340 billion. DigiAsia is joining this growing list of companies placing bets on the cryptocurrency.

Bernstein analysts have projected that most corporate treasury demand for Bitcoin will come from small and medium firms like DigiAsia. They estimate this trend could trigger $330 billion in inflows and eventually drive Bitcoin’s price to $500,000 by 2029.

The cryptocurrency is currently trading at around $105,642, up 2% over the past day, with a market capitalization of approximately $2 trillion, according to CoinGecko.

DigiAsia announced its Bitcoin treasury plan on May 19, with the stock price reaction occurring the same day. This represents the most recent and relevant information about the company’s Bitcoin strategy.