Amber International, a Singapore-based crypto firm, has successfully completed a $25.5 million private placement to bolster its $100 million crypto ecosystem reserve fund. The private placement, priced at $10.45 per share, was announced in a statement on Thursday. This price was set at a 5% discount to the company’s three-day volume-weighted average trading price.
The funds raised from this private placement will be strategically utilized to enhance Amber International’s $100 million Crypto Reserve initiative. This initiative is aimed at supporting long-term ecosystem alignment and fostering product innovation within the crypto space.
Institutional investors such as CMAG Funds, Mile Green, Pantera Capital, and Kingkey Financial International, among others, participated in the private placement. Amber issued over 12 million Class A ordinary shares, equivalent to approximately 2.44 million American Depositary Shares (ADS), on Nasdaq.
Amber International had previously unveiled its crypto reserve strategy earlier this year, which included allocations in Bitcoin, Ethereum, and Solana. The company has now expanded its coverage to include Binance Coin, Ripple’s XRP, and SUI. This move signifies a growing institutional interest in the crypto market, with significant investments being made, such as the $50 million acquisition of BNB by Nano Labs.
XRP has seen a resurgence in institutional interest after a slight dip in June, maintaining a price above $2.25. On the other hand, SUI has shown a 54% development growth and positive sentiment, although technical consolidation is evident.
The utilization of these crypto reserves will be geared towards supporting developers working on these blockchains by providing liquidity, capital, and technical assistance. This approach directly addresses the lack of institutional-grade infrastructure needed to support blockchain adoption and scalability.
Amber International aims to stay at the forefront of blockchain innovation, particularly in areas such as Real World Assets (RWA) and AgentFi, solidifying its position as a leader in the evolving landscape of Web3 financial infrastructure.
Despite a 6.7% decline in Amber’s stock price on Thursday, according to Yahoo Finance data, the company remains focused on its long-term strategic goals. The shares have experienced a 23.8% decrease in the past five days and a 12% decline in the last month.
Overall, Amber International’s successful private placement highlights its commitment to advancing its crypto strategy and strengthening its position in the ever-evolving crypto ecosystem.
The original post “Amber International Raises $25.5M in Private Placement to Advance Crypto Strategy” was first published on Cryptonews.