Allied Gaming goes long on crypto with BTC, ETH treasury launch

Nasdaq-listed Allied Gaming has added Bitcoin and Ethereum to its corporate ￰0￱ development was communicated to the general public via a press release, with the firm announcing an initial allocation of its corporate treasury into BTC and ￰1￱ to the company, which is known for its e-sports and virtual event productions, the move is in line with its broader strategy to integrate blockchain technology and real-world asset tokenization into its ￰2￱ the experiential entertainment firm refused to disclose the size of its investment, the market reaction was quite noticeable, with its shares rising as high as 105% after the ￰3￱ Gaming makes crypto move with BTC, ETH treasury Allied Gaming & Entertainment is a company that primarily focuses on entertainment in the e-sports gaming ￰4￱ company owns and operates the HyperX Esports Arena, a 650-person capacity venue in Las Vegas that has hosted several events, including the 2019 League of Legends All-Stars match, as well as an event for Ethereum-based card battler Parallel in ￰5￱ firm went public in 2017, debuting at $9.54 and hitting an all-time high of $12.11 in October 2018, according to data from ￰6￱ then, the stock has been on a slow downward spiral, with the latest crypto announcement giving it a momentary boost, doubling its value for some ￰7￱ to reports, the Allied Gaming leadership sees Bitcoin and Ethereum as the perfect cornerstones for building an entertainment ecosystem that would be entirely based on ￰8￱ its statement, the company noted that the allocation represents the first phase of its comprehensive digital ￰9￱ company also sees the move as a means to diversify its treasury, considering the fact that most firms decide to only pursue a single ￰10￱ of RWAs and other blockchain-focused initiatives Allied Gaming also sees it as a means to lay the foundation for a bigger adoption of blockchain technology in the ￰11￱ is expected to include tokenization of real-world assets like live entertainment rights, film and animation IP, and property management revenue streams.

“We see cryptocurrency not only as a store of value, but also as a strategic building block for the future of our business,” Allied Gaming CEO Yangyang James Li ￰12￱ also added that combining blockchain and digital assets into the company’s ecosystem is a natural move that will further its vision to connect people through gaming, entertainment, and innovative financial ￰13￱ addition to diversifying its treasury, Allied Gaming is also considering plans to improve its blockchain-based payment systems across its global IP ￰14￱ move will cover e-sports platforms, live events, and experiential ￰15￱ company also mentioned that it plans to add stablecoins and utility token frameworks to improve cross-border transactions, user engagement, and liquidity within the ￰16￱ the announcement, the shares of Allied Gaming on the Nasdaq saw a big rise, climbing as high as 105% at the peak of the trading ￰17￱ stock hit a high of $2.18 before dropping to settle around $1.73, a price that still represents a sharp increase that has grown the company’s market capitalization to around $73 million.

Meanwhile, the announcement signals the latest addition to the pool of publicly traded crypto treasury companies emerging in the United ￰18￱ move, which first started with Michael Saylor’s Strategy , which moved from a business intelligence software firm to a company focusing on Bitcoin, has seen the firm hold about 638,460. Presently, the Strategy cache is worth $73.6 billion, and Saylor noted that the firm is looking to acquire as much as 75% of the entire Bitcoin total ￰19￱ Bybit now and claim a $50 bonus in minutes