Davis Commodities plans to use $4.5 million from its financing to create a Bitcoin strategic reserve, indicating a shift towards digital asset investment in traditional sectors.
Davis Commodities has allocated $4.5 million from its $30 million financing to establish a Bitcoin strategic reserve, reflecting a growing interest in digital assets among traditional companies. Following the announcement, the company's stock surged over 43%, reaching a market capitalization of $14.7 million. The Singapore-based agricultural trader, known for commodities like sugar and rice, aims to expand its operations into the cryptocurrency space.