DigiAsia Corp (FAAS) plans to raise up to $100 million to seed a bitcoin treasury reserve (BTC), joining a growing list of publicly traded companies looking to diversify their corporate balance sheets with bitcoin.

The announcement on Monday (which emphasized plans rather than executed actions) helped push DigiAsia’s shares up 91% during regular trading to 36 cents, before pulling back 22% after hours. The stock is still down more than 50% year-to-date.

The company said its board had approved a strategy to allocate up to 50% of future net profits toward BTC purchases and was “actively exploring” a capital raise of up to $100 million, according to a press release.

It also plans to pursue yield-generating strategies on its bitcoin holdings, including institutional lending and staking through regulated partners.

“We believe bitcoin represents a compelling long-term investment and a foundational layer for modern treasury diversification,” said Prashant Gokarn, Co-CEO of DigiAsia, in the release.

The firm added that it was evaluating financing methods such as convertible notes and crypto-linked instruments to support the initiative.

In an April update, DigiAsia reported $101 million in revenue for 2024, with projected earnings before interest and taxes of $12 million this year. Whether DigiAsia follows through on its BTC purchases remains to be seen. But the signal alone has been enough to give the fintech a short-term boost on Wall Street.