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Investing.com -- OFA Group (NASDAQ:OFAL) stock surged 26.6% after the architecture and technology firm announced the launch of a $100 million digital asset treasury initiative and appointed Bitwise Asset Management to manage its crypto asset strategy.
The company, which recently celebrated its initial public offering with a Nasdaq closing bell ceremony, said the digital asset treasury is part of a broader strategy to incorporate cryptocurrency onto its balance sheet. The initiative aims to generate yield opportunities and provide working capital for operations and growth initiatives.
OFA Group plans to support funding across three core business verticals with this treasury diversification strategy: AI innovation in architecture through its PlanAid platform for building code compliance automation, real estate development integrating proprietary AI tools, and senior care infrastructure development using AI for enhanced safety and efficiency.
"The establishment of our digital asset treasury positions us at the forefront of corporate treasury management, enabling us to harness the potential of crypto assets to generate yield and provide non-dilutive capital for strategic initiatives," said COO Thomas Gaffney.
OFA Group operates through its subsidiary Office for Fine Architecture Limited, providing architectural services for commercial and residential buildings. The company is developing AI technologies to enhance architectural design services by integrating artificial intelligence with human expertise.
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