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Investing.com -- Robin Energy Ltd. (NASDAQ:RBNE) stock surged 100% after the company announced it has completed its initial $5 million Bitcoin allocation through Anchorage Digital Bank N.A.
The allocation follows the company’s August 5th communication and is part of Robin Energy’s newly adopted treasury framework. The international ship-owning company, which provides energy transportation services globally, indicated it will continue to monitor market conditions and may adjust the allocation in line with its Bitcoin treasury strategy.
Petros Panagiotidis, Chairman and Chief Executive Officer of Robin Energy , stated: "We are pleased to have completed the allocation of $5 million to Bitcoin in accordance with our board-approved strategy. We believe in Bitcoin’s unique characteristics as a scarce digital asset and see it as an integral component of our long-term strategy to grow our Company further and drive shareholder value."
The company’s decision to allocate funds to Bitcoin represents a strategic move to diversify its treasury holdings. Robin Energy joins a growing list of publicly traded companies incorporating cryptocurrency into their financial strategies.
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