LiveOne purchases Bitcoin position using $10.2M capital raise

LiveOne (NASDAQ: LVO) has purchased Bitcoin as part of its treasury yield strategy, the music and entertainment platform announced. The company acquired Bitcoin at an average price of $117,885 per coin using proceeds from a $10.2 million capital raise.

The company partnered with ARCA to manage its Bitcoin yield strategy and selected Anchorage Digital to provide custody and management of the digital assets. LiveOne's board of directors has committed up to $500 million to grow the company's Bitcoin holdings.

"This investment in Bitcoin represents a strategic step in our treasury yield strategy and our ongoing belief in digital assets' long-term potential," said Robert Ellin, Chairman and CEO of LiveOne.

LiveOne operates as a creator-first music, entertainment and technology platform. The company's subsidiaries include Slacker, PodcastOne (NASDAQ: PODC), PPVOne, and DayOne Music Publishing, among others.

The announcement follows a previously disclosed crypto treasury strategy by the Los Angeles-based company. Information is based on a press release statement from LiveOne.

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