The post Chinese EV Firm’s Stock Surges, Then Stumbles on $1 Billion Bitcoin, Ethereum and BNB Plan appeared on BitcoinEthereumNews.com. In brief Jiuzi Holdings announced a crypto treasury strategy focused on Bitcoin, Ethereum, and BNB. The firm’s board approved up a plan to spend up to $1 billion on the crypto assets, though its cash and cash equivalents were less than $1 million last year. Shares of JZXN skyrocketed upon open, but have now fallen nearly 10% on the day. Publicly traded electric vehicle charging firm Jiuzi Holdings is adopting a crypto investment policy, after its board of directors authorized the firm to deploy up to $1 billion into acquiring and holding Bitcoin, Ethereum, and BNB.  Shares of JZXN jumped as high as $2.38 on the news, a 47% spike above its Tuesday closing price, before retracing completely. Shares are now down nearly 10% on the day and changing hands at $1.46. JZXN is down more than 99.9% in the last 5 years. “Adopting the crypto asset investment policy represents a proactive step in our treasury management to safeguard and enhance long-term shareholder value,” said the firm’s CEO Tao Li in a statement.   Using a strict risk framework, the Chinese firm was authorized to allocate a portion of its cash reserves into BTC, ETH, and BNB. Any additional crypto tokens would need to be approved by the board prior to investment.  While the board authorized up to $1 billion in crypto purchases, the firm’s latest financial filing with the SEC indicates it only had around $943,000 in cash and cash equivalents as of October 31, 2024. The firm also reported a net income loss of around $55 million for the fiscal year ending on that day. While some firms creating crypto treasuries raise funds via convertible notes or private investment into public equity (aka PIPE placements), there is no indication of how Jiuzi Holdings intends to raise funds to… The post Chinese EV Firm’s Stock Surges, Then Stumbles on $1 Billion Bitcoin, Ethereum and BNB Plan appeared on BitcoinEthereumNews.com. In brief Jiuzi Holdings announced a crypto treasury strategy focused on Bitcoin, Ethereum, and BNB. The firm’s board approved up a plan to spend up to $1 billion on the crypto assets, though its cash and cash equivalents were less than $1 million last year. Shares of JZXN skyrocketed upon open, but have now fallen nearly 10% on the day. Publicly traded electric vehicle charging firm Jiuzi Holdings is adopting a crypto investment policy, after its board of directors authorized the firm to deploy up to $1 billion into acquiring and holding Bitcoin, Ethereum, and BNB.  Shares of JZXN jumped as high as $2.38 on the news, a 47% spike above its Tuesday closing price, before retracing completely. Shares are now down nearly 10% on the day and changing hands at $1.46. JZXN is down more than 99.9% in the last 5 years. “Adopting the crypto asset investment policy represents a proactive step in our treasury management to safeguard and enhance long-term shareholder value,” said the firm’s CEO Tao Li in a statement.   Using a strict risk framework, the Chinese firm was authorized to allocate a portion of its cash reserves into BTC, ETH, and BNB. Any additional crypto tokens would need to be approved by the board prior to investment.  While the board authorized up to $1 billion in crypto purchases, the firm’s latest financial filing with the SEC indicates it only had around $943,000 in cash and cash equivalents as of October 31, 2024. The firm also reported a net income loss of around $55 million for the fiscal year ending on that day. While some firms creating crypto treasuries raise funds via convertible notes or private investment into public equity (aka PIPE placements), there is no indication of how Jiuzi Holdings intends to raise funds to…