DigitalX (ASX:DCC) share price leaps 19% on Sell My Shares update

What did the company announce to the ASX?

| More on:
Man jumps for joy in front of a background of a rising stocks graphic.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The DigitalX Ltd (ASX: DCC) share price is storming higher towards the end of market trade on Thursday. This comes after the company released an update on its recently acquired digital share trade execution business, Sell My Shares.

At the time of writing, the blockchain and asset management services provider's shares are fetching for 10.5 cents, up 19.32%.

What did DigitalX announce?

Investors are fighting to get a hold of DigitalX shares following the company's positive release.

In a statement to the ASX, DigitalX advised it has integrated the Drawbridge mobile application with Sell My Shares. This will enable employees and directors to quickly execute trades that have been approved under their company's share trading policy.

DigitalX noted that the feature marks an important milestone to commercialise Drawbridge and reap the rewards. The business application focuses on opening revenue streams through trading proceeds in addition to a software as a service model.

Furthermore, the company stated it has beefed up the Sell My Shares team with the appointment of Peter Hume. Taking on the role of product owner, Mr Hume will be tasked with executing product improvement and growth opportunities.

An experienced technologist, Mr Hume formerly held positions as chief technology officer (CTO) of stock market information platform, Market Index. He also co-founded and served as CTO of savings and digital asset investment app, Bamboo.

Pleasingly, it appears the Sell My Shares business is exceeding growth targets following DigitalX's acquisition on 30 September. As such, the first two months has experienced revenues of 35% greater than originally forecasted in the purchase agreement.

Quick take on DigitalX

Founded in 1998, DigitalX is an Australian technology and investment company focused on blockchain technology development and digital assets funds management.

DigitalX gives investors a way to gain digital asset exposures through a secure and accessible platform.

The company operates through three segments; blockchain consulting and development, asset management, and other. The latter relates to governance, finance, legal, risk management, company secretarial and management of the corporate entity.

DigitalX share price snapshot

Adding to today's gain, the DigitalX share price has surged by almost 30% over the past 12 months. However, when looking at year-to-date, its shares are trading around 12% higher.

Based on today's price, DigitalX commands a market capitalisation of about $77.96 million and has approximately 742.44 million shares outstanding.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

Data Centre Technology
Technology Shares

Is it too late to buy NextDC shares?

NextDC's share price has surged over the last couple of weeks. Will it continue?

Read more »

Man with a hand on his head looks at a red stock market chart showing a falling share price.
Technology Shares

Guess which ASX 200 tech stock is crashing 25% following an update

This tech stock is being sold off on Wednesday. But why?

Read more »

A young man goes over his finances and investment portfolio at home.
Technology Shares

Why are WiseTech shares sinking 6% today?

What's going on? Let's find out what is happening with this tech stock today.

Read more »

Two IT professionals walk along a wall of mainframes in a data centre discussing various things
AI Stocks

NextDC share price lifts off on record quarterly contract wins

AI-fuelled data centre demand is lifting investor interest in the ASX 200 tech stock today.

Read more »

group of traders cheering at stock market
Technology Shares

What drove a 10% surge in ASX 200 tech shares last week?

The ASX 200 roared to a 2-month high on Friday, with tech shares leading the 11 market sectors last week.

Read more »

A man slumps crankily over his morning coffee as it pours with rain outside.
Technology Shares

Why is the Block share price crashing 33%?

This payment giant's shares are being hammered today. But why?

Read more »

A young man pointing up looking amazed, indicating a surging share price movement for an ASX company
Technology Shares

These ASX 200 tech stocks could rise 20% to 35%

Goldman Sachs is tipping these shares to rise strongly from current levels.

Read more »

A corporate team or board stands together and looks out the window.
Technology Shares

WiseTech shares charge higher on $3.5b acquisition news

This tech stock is ending the week positively. But why?

Read more »