IREN proposes $875 million convertible notes offering due 2031
MESA, Ariz. - Iveda (NASDAQ:IVDA), a provider of AI video and smart city technologies with a market capitalization of $4.39 million, announced Wednesday that its Board of Directors has authorized the company to acquire cryptocurrency as part of its treasury strategy.
The decision represents a move toward asset diversification and positions the company to participate in the digital economy, according to a press release statement from the company. According to InvestingPro data, Iveda maintains a healthy balance sheet with more cash than debt and a current ratio of 1.7, suggesting adequate liquidity for such strategic initiatives.
"Adding cryptocurrency to our treasury is another way we’re positioning Iveda for the digital future," said David Ly, Iveda founder and CEO.
The Arizona-based technology company joins a growing number of public companies that have added digital assets to their corporate treasuries as alternative stores of value.
Bob Brillon, Iveda CFO, described the move as "a natural evolution in corporate treasury management" and noted that the company is taking a "measured approach" that allows preparation for potential digital asset appreciation.
The company indicated the timing aligns with its expansion of its global reseller network and anticipated revenue growth from these partnerships. This expansion strategy appears promising, with InvestingPro data showing impressive revenue growth of 89% over the last twelve months. Analysts expect continued sales growth and project the company to achieve profitability this year. Get access to 10+ additional exclusive ProTips and comprehensive financial analysis with InvestingPro.
Iveda, which trades on the Nasdaq under the ticker IVDA, develops cloud-based video AI search and surveillance technologies with applications in public safety, security, elderly care, and energy efficiency. Trading at $1.51, the stock currently appears undervalued according to InvestingPro’s Fair Value analysis.
The company did not specify which cryptocurrencies it plans to purchase or the amount it intends to allocate to digital assets in its announcement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.