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Stock impact report

Esports Firm's Stock Price Doubles After Bitcoin, Ethereum Treasury Investment [Yahoo! Finance]

Allied Gaming & Entertainment Inc. (AGAE) 
Company Research Source: Yahoo! Finance
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 response. “We see cryptocurrency not only as a store of value, but also as a strategic building block for the future of our business,” Yangyang James Li, CEO of AGAE, said in a statement. “Integrating blockchain and digital assets into our ecosystem is a natural progression of our vision to connect people through gaming, entertainment, and innovative Show less Read more
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