Treasure Global (TGL) stock rocketed higher on Thursday after the Malaysian e-commerce platform operator announced a $100 million digital asset treasury initiative. The company will use $50 million from an existing equity financing agreement and another $50 million from a new institutional commitment from a strategic funding partner.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Treasure Global’s investment in digital assets is a case of keeping up with the Joneses. Several other companies have announced the creation of crypto treasuries over the last week. Most of these announcements have resulted in massive stock rallies, as investors applaud the crypto investments.
TGL stock followed that trend this morning, with the company’s shares up 23.65% in pre-market trading. However, the stock remains down 83.31% year-to-date and 99.2% over the past 12 months.
Is Treasure Global Stock a Buy, Sell, or Hold?
Wall Street’s coverage of Treasure Global is lacking, but TipRanks’ AI analyst, Spark, offers insight into Treasure Global. Spark rates TGL stock an Underperform (38) with a $2 price target, representing a potential 35.14% upside for the shares. This is due to “significant financial and technical weaknesses.”
