Nasdaq-listed CIMG completes $55 million raise for bitcoin treasury initiative

Nasdaq-listed sales development firm CIMG Inc. announced Tuesday that it has completed a $55 million raise for purchasing bitcoin.

The funds were raised through the sale of 220 million shares of its common stock at $0.25 per share. With the proceeds, the company is set to acquire 500 BTC, according to the press release.

"We are committed to a long-term Bitcoin holding strategy, building a robust Bitcoin reserve through a sound financial system to establish a solid value foundation for our investors," the company's board of directors said.

CIMG Chairman and CEO Wang Jianshuang said the company will expand its digital asset reserves going forward and collaborate with AI and crypto ecosystems, naming Merlin Chain as a potential option.

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Following the success of Michael Saylor's Strategy, dozens of companies have established corporate crypto treasuries. While most of these holdings are concentrated in bitcoin and Ethereum, a growing number of firms are diversifying into other altcoins, including Solana, BNB, and XRP.

The company's stock on the Nasdaq (IMG) fell 3.53% on Tuesday, closing at $0.2543, according to Yahoo Finance data. It has a market capitalization of around $9.3 million.