The company, on Monday, announced its “21 Hundred” strategy, a formalisation of its bitcoin-first approach which positions the cryptocurrency as the centrepiece of its digital asset treasury.
“Our decision to pursue our 21 Hundred Bitcoin accumulation strategy is consistent with our historical business and underscores our ongoing belief in bitcoin as an investment asset with significant long-term appreciation potential,” interim CEO Demetrios Christou said in a statement filed with the ASX.
Chairman Leigh Travers said bitcoin was “the digital equivalent of gold; resilient, scarce, and primed for growth amid increasing global adoption”.
“Viewing bitcoin as a treasury asset is akin to backing the lone frontrunner in a one-horse race.”
The target would see DigitalX lift its current holdings by more than 300 per cent over the next two years, increasing its “bitcoin per share” ratio from 33.88 Sats to a level 58 per cent higher than at 30 June 2025.
The company said the plan could be funded through a range of avenues, including conversion of existing digital assets into bitcoin, the use of debt instruments such as convertible notes or bonds, “at the market” facilities, preferred equity instruments, strategic capital raises, the exercise of options, and operating revenue.
DigitalX said the strategy aligns it with more than 200 listed global companies – including on the NYSE, Nasdaq, TSX and LSE – that now hold bitcoin in their treasuries, reflecting “increasing institutional adoption and investor demand for digital innovation”.
It outlined several perceived benefits of a bitcoin-focused treasury, including acting as a hedge against inflation, providing strategic optionality for launching new products or taking market opportunities, and offering liquidity and balance sheet strength.
The company, which launched Australia’s first ASX-listed bitcoin ETF, warned of several risks to the strategy, including bitcoin price volatility, the impact of leverage, custodial and security threats, access to capital markets, valuation pressures, and the possibility that operating revenues may be insufficient to fund the program.
To supplement growth, DigitalX also plans to explore using a portion of its bitcoin holdings for yield-generating activities, and to consider acquiring cash-generating businesses using bitcoin as collateral.
“This strategy not only fortifies our balance sheet but also aligns us with visionary companies spearheading corporate bitcoin adoption,” Travers said.
“We are excited to accelerate our journey towards holding 2,100 BTC, leveraging market opportunities to deliver enduring value to our shareholders.”
The announcement comes amid renewed debate over bitcoin’s role as “digital gold”, following the US decision to impose a 39 per cent tariff on imported 1-kilogram gold bars.
Charlie Sherry, head of finance at BTC Markets, said the move “sent shockwaves through the bullion market”, pushing gold futures to a record US$3,534 per troy ounce before pulling back.
“This disruption highlights gold’s vulnerability to government intervention and trade policy, sparking speculative buying but also supply constraints and inflationary pressures,” Sherry said on Monday.
In contrast, he noted, bitcoin is emerging as a “resilient, borderless alternative store of value”.
“Unlike gold, bitcoin operates beyond tariffs, customs, and physical restrictions, earning it the label ‘sovereign-proof store of value’,” Sherry said.
“Rising bond yields and weakening faith in the US dollar, fuelled by aggressive fiscal policies and inflation concerns, are driving investors, especially institutions and non-US players, to consider bitcoin for portfolio diversification.”
While bitcoin’s price response to inflation and tariffs is nuanced, Sherry pointed out that institutional adoption is growing as governments and corporations recognise its potential as “digital gold”.
“As geopolitical tensions rise and fiscal uncertainty deepens, bitcoin’s decentralised architecture positions it as a critical asset, poised to shift from steady inflows to a broader institutional wave”.
On Monday, bitcoin broke out towards a new all-time high, surpassing US$121,500.
Sherry said this latest price surge is perhaps a sign that bitcoin’s role as digital gold, and maybe even gold’s successor, is becoming indisputable.
