Allied Gaming Adds Bitcoin And Ethereum To Treasury In Bold Digital Asset Bet

Core Insights - Allied Gaming & Entertainment Inc. (AGAE) has made its first direct investment in cryptocurrency by adding Bitcoin and Ethereum to its treasury holdings, reflecting a strategy to diversify its balance sheet and advance blockchain initiatives [1][2] - The company believes that digital assets will play a significant role in the entertainment and finance sectors, integrating crypto into its ecosystem and preparing for stablecoin and utility token launches [2][4] Financial Performance - For the quarter ending June 30, 2025, AGAE reported total revenue of approximately $1.9 million, a decrease of about 27% from $2.6 million in the same quarter the previous year [3] - The net loss for the quarter widened to $4.8 million, compared to a loss of $3.9 million in the prior year, with an adjusted EBITDA loss of $2.1 million, up from $1.7 million in the second quarter of 2024 [3] - The company ended the quarter with around $60 million in cash and short-term investments, and working capital stood at $44.9 million, providing resources for its strategic pivot towards digital assets [3][5] Market Reaction - Following the announcement of its cryptocurrency investments, AGAE shares surged by 85.49%, trading at $1.69 [5]