- Fintech player DigitalX (DCC) has spruiked solid growth across most of its key metrics over the March quarter
- The company reported a 232 per cent increase in quarterly revenue and a 77 per cent increase in cash receipts compared to the previous quarter
- DigitalX attributed the stronger inflows primarily to increased fees from its funds under management division, which expanded 237 per cent to reach $31.9 million over the quarter
- Looking ahead, DigitalX’s Chief Executive Officer Leigh Travers said the company is well capitalised and well positioned to deliver growth
- DigitalX shares are up 13 per cent on the back of the news, trading at 7.8 cents
Fintech player DigitalX (DCC) has spruiked solid growth across most of its key metrics over the March quarter.
The company reported quarterly revenue of $713,000 representing a 232 per cent increase on the previous quarter and cash receipts were up 77 per cent to total $265,000.
DigitalX attributed the stronger inflows primarily to increased fees from its under management division, which was up to $177,000 from $33,000, in line with the growth of funds under management.
The ASX-lister also spruiked a 122 per cent increase in liquid assets which grew from $25.5 million to $46.4 million for the period ended March.
According to DigitalX, the rise is owed to a strong performance in Bitcoin, its DigitalX digital asset funds and the $8.8 million the company pocketed in a U.S. capital raise offering shares at 9 cents apiece.
DigitalX operates two wholesale funds, the DigitalX Bitcoin Fund and the Digital Asset Fund, which it says encompasses a “diversified basket of leading digital assets.”
The company has flagged its focus towards increasing its funds under management, which grew by 237 per cent to $31.9 million over the quarter.
Looking ahead, DigitalX’s Chief Executive Officer Leigh Travers said the company is well capitalised and well positioned to deliver growth.
“With a unique position on the ASX within this emerging technology and investment sector, we continue to prioritise business growth, whilst reviewing businesses with a strong synergy to grow our market position,” he commented.
DigitalX shares are up 13 per cent on the back of the news, trading at 7.8 cents at 1:00pm AEST.