Esports Firm’s Stock Price Doubles After Bitcoin, Ethereum Treasury Investment
Allied Gaming & Entertainment, a Nasdaq-listed esports and gaming company, announced that it has invested in Bitcoin and Ethereum as part of a new “corporate treasury management strategy.”
In response, its stock, traded under the ticker AGAE, soared 105% to $1.87 earlier Friday and has since dipped to $1.65, according to TradingView—still up 71% on the day.
The company explained that this was just the “first step” to incorporating crypto into its balance sheet, as it plans for a broader embrace of the blockchain and teased real-world asset initiatives.
The exact figure of its Bitcoin and Ethereum investment was not stated in the release. Decrypt reached out to confirm the details, but did not immediately receive a…
