Allied Gaming & Entertainment Invests in Bitcoin and Ethereum
Allied Gaming & Entertainment (AGAE), a global entertainment company, has made its first strategic investment in Bitcoin (BTC) and Ethereum (ETH). The company added these cryptocurrencies to its corporate treasury. This move supports its plan to integrate blockchain and Web3 technology into its business.
Market Reaction and CEO Statement
The announcement triggered a strong market response. Allied Gaming’s stock on Nasdaq (AGAE) surged over 100% at one point. It closed the day with a gain of more than 70%. Trading volume on Thursday was among the highest in the company’s history.
CEO Yangyang (James) Li said the company sees cryptocurrency as a store of value and a “strategic building block” for the future. He added, “Integrating blockchain and digital assets into our ecosystem is a natural progression of our vision to connect people through gaming, entertainment, and innovative financial technologies.”
Future Digital Strategy Initiatives
This investment is the first phase of a broader digital strategy. Planned initiatives include:
- Expanding blockchain-based payment options for esports events and gaming platforms.
- Developing tokenization models for real-world assets like live entertainment rights and film intellectual property.
- Using stablecoins and utility tokens to boost user engagement and enable cross-border transactions.
By holding BTC and ETH, Allied Gaming joins other public companies diversifying their treasury with digital assets. The company did not disclose the exact amounts of Bitcoin and Ethereum acquired.
