OFA Group (NASDAQ: OFAL ) shares surged 26.6% after the construction and technology company announced the launch of a $100 million digital asset inventory program and the appointment of Bitwise Asset Management to manage its crypto asset strategy.
The company, which recently celebrated its IPO at the Nasdaq Closing Bell ceremony, said the digital asset inventory is part of a broader strategy to bring cryptocurrencies into its balance sheet. The plan is to create revenue opportunities and provide working capital for operations and growth initiatives.
OFA Group plans to support funding in three core business areas through this inventory diversification strategy: AI innovation in the construction sector through its PlanAid platform, which is used to automate building code compliance; real estate development integrating proprietary AI tools; and aged care infrastructure development using AI to improve safety and efficiency.
“Building our digital asset inventory positions us at the forefront of corporate financial management, enabling us to harness the potential of crypto assets to generate yield and provide non-dilutive capital for strategic initiatives,” said Chief Operating Officer Thomas Gaffney.
OFA Group, operating through its subsidiary Office for Fine Architecture Limited, provides architectural services for commercial and residential buildings. The company is developing AI technology to enhance architectural design services by combining AI with human expertise.