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Investing.com -- Jiuzi Holdings Inc (NASDAQ:JZXN) stock surged 55.5% in premarket trading Wednesday after the company announced a new Crypto Asset Investment Policy that authorizes allocating up to $1 billion of its cash reserves into select cryptocurrencies.
The policy, formally approved by Jiuzi’s Board of Directors, will initially focus investments on Bitcoin (BTC), Ethereum (ETH), and BNB. The company has established a "Crypto Asset Risk Committee" led by CFO Huijie Gao to oversee the implementation of the policy within a risk management framework.
This strategic move follows the recent appointment of Dr. Doug Buerger as Chief Operating Officer, who will lead the treasury initiative. "We are not engaging in short-term trading or speculation; rather, we view crypto assets as long-term stores of value to hedge against macroeconomic uncertainties," Buerger said.
According to the policy framework, Jiuzi will not self-custody acquired crypto assets and any expansion beyond the initially approved cryptocurrencies would require reassessment and approval from the Board’s Risk Committee.
CEO Tao Li described the policy adoption as "a proactive step in our treasury management to safeguard and enhance long-term shareholder value."
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