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

What did the company announce to the ASX?

| More on:

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 30 April 2025

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

A businessman stacks building blocks.
Technology Shares

6% gain! What's up with Block shares today?

Block shares are up more than 34% since 2 May.

Read more »

Happy work colleagues give each other a fist pump.
Technology Shares

Guess which ASX 200 technology stock has outperformed Nvidia over the past 5 years?

This company has been nothing short of impressive.

Read more »

Buy, hold, and sell ratings written on signs on a wooden pole.
Technology Shares

After surging 13% yesterday, are TechnologyOne shares a buy, hold or sell according to Macquarie?

Valuations matter when investing, and Macquarie feels no different.

Read more »

Two smiling work colleagues discuss an investment or business plan at their office.
Technology Shares

Why Goldman Sachs rates this ASX tech share as a top buy

Let's see why the broker rates this stock highly right now.

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer
Technology Shares

WiseTech shares have surged 34% since April. Is it too late to buy?

Can WiseTech shares keep charging higher? Here’s what this investing expert expects.

Read more »

A man in full American NFL playing kit crouches over with his arms across his chest in a defensive stance against a dark background.
Technology Shares

ASX 300 tech stock charges 7% higher to record high on stellar results

This tech stock delivered another impressive result this morning.

Read more »

a man sits at his desk wearing a business shirt and tie and has a hearty laugh at something on his mobile phone.
Technology Shares

Up 87% in 12 months: Why this ASX tech share is still a top buy

This technology business still has loads of potential, according to a fund manager.

Read more »

a group of three cybersecurity experts stand with satisfied looks on their faces with one holding a laptop computer while he group stands in front of a large bank of computers and electronic equipment.
Technology Shares

2 ASX 200 tech stocks Morgans rates as buys

The leading broker has named a couple of shares to buy right now.

Read more »