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LIMASSOL, Cyprus - Robin Energy Ltd. (NASDAQ:RBNE), a shipping company with a current market capitalization of $11.39 million, announced Wednesday it has completed its initial $5 million Bitcoin allocation through Anchorage Digital Bank N.A., fulfilling plans first communicated on August 5.
The allocation is part of the company’s newly adopted treasury framework. Robin Energy indicated it will monitor market conditions and may adjust the allocation in accordance with its Bitcoin treasury strategy. According to InvestingPro data, the stock has shown high price volatility, with shares down nearly 78% year-to-date.
"We are pleased to have completed the allocation of $5 million to Bitcoin in accordance with our board-approved strategy," said Petros Panagiotidis, Chairman and Chief Executive Officer of Robin Energy. "We believe in Bitcoin’s unique characteristics as a scarce digital asset and see it as an integral component of our long-term strategy." InvestingPro analysis reveals several additional insights about the company’s financial health and performance metrics - unlock these valuable insights with a subscription.
Robin Energy is an international ship-owning company that provides energy transportation services globally. The company currently owns one Handysize tanker vessel and one LPG carrier that transport petrochemical gases and refined petroleum products worldwide.
The announcement comes as more companies explore alternative treasury management strategies, including digital asset allocations. The implementation follows board approval of the company’s Bitcoin strategy.
This information is based on a press release statement from the company.
In other recent news, Robin Energy Ltd. has reported several significant developments. The company has doubled its fleet size with the acquisition of the LPG Carrier Dream Syrax, a 2015-built vessel, which is currently under a time-charter contract. Additionally, Robin Energy has approved Bitcoin as a primary treasury reserve asset, initially allocating $5 million from its cash reserves, with plans to potentially increase this allocation through dollar-cost averaging. In a move to further expand its fleet, Robin Energy has entered into an agreement to purchase another 2015-built LPG Carrier vessel from Toro Corp. for $18 million. This transaction has been approved by independent board members from both companies. Moreover, Robin Energy recently raised $3.6 million through a registered direct offering of common shares, facilitated by Maxim Group LLC. This offering involved the sale of 1,020,000 shares at $3.50 each, generating gross proceeds before commissions and expenses. These actions demonstrate Robin Energy’s strategic initiatives in fleet expansion and financial management.
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