AMTD companies to add crypto to $240 million liquid fund portfolio

PARIS/NEW YORK/SINGAPORE - AMTD IDEA Group (NYSE:AMTD; SGX:HKB), AMTD Digital Inc. (NYSE:HKD), and The Generation Essentials Group (NYSE:TGE) announced Friday that cryptocurrencies will become an essential component of their combined liquid fund portfolio, which totaled approximately $240 million as of June 30. TGE, currently valued at $191 million in market capitalization, has seen its stock decline over 65% in the past six months, according to InvestingPro data.

The companies plan to prioritize Bitcoin, Ethereum, and Tether in their cryptocurrency portfolio, according to a press release statement. The three NYSE-listed companies, all under AMTD Group’s umbrella, intend for TGE to focus on cryptocurrency-related opportunities and developments.

TGE is currently evaluating options in the tokenized crypto assets segment. The company operates in media, entertainment, and hospitality sectors, where it sees potential for cryptocurrency adoption in leisure, entertainment, and consumer spending.

The liquid fund portfolio consists of cash at bank and other unencumbered, unpledged investments maintained by the three companies.

AMTD IDEA Group is a dual-listed company on NYSE and SGX-ST, serving as a diversified institution and digital solutions platform. AMTD Digital operates as a comprehensive digital solutions platform headquartered in France, while TGE focuses on global strategies in multi-media, entertainment, and cultural affairs.

The companies noted that TGE’s name intentionally carries dual meaning, representing both "The Generation Essentials" and symbolically referring to "Token Generation Event," reflecting its planned direction in the cryptocurrency space.

In other recent news, Generation Essentials Group has announced plans to release two films in the coming months, marking a significant development in its entertainment ventures. The first film, "She’s Got No Name," a suspense thriller, is set to debut in China on June 21 after being selected for screening at the 77th Cannes Film Festival. The second film, "My First of May," featuring Aaron Kwok, Paw Hee-ching, and Gigi Leung, is scheduled for release in August. Additionally, Black Spade Acquisition II Co. has revealed its intention to delist from the Nasdaq Stock Market as it prepares for a merger with Generation Essentials Group. Following the merger, Black Spade II will become a wholly owned subsidiary of Generation Essentials Group. The company’s ordinary shares and warrants will be traded on the New York Stock Exchange and NYSE American, respectively. This transition is expected to take place around June 5, 2025, contingent upon the merger’s completion and compliance with listing requirements.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.