LM Funding America, Inc. (LMFA) stock announced the digital assets strategy today after which the LMFA stock price saw a push of 5.45% to reach $1.16 a share at the time of this writing. LMFA stock was green in the previous trading session and went up by 5.77% at closing. Let’s look at current scenarios.
Digital Assets Strategy:
LMFA stock announced today that it is planning to purchase digital assets of up to $2 million worth.LMFA will spend this amount in the purchasing of Bitcoin, Ether, and other digital assets that are not securities of this stock. This purchase will cover approximately 10% assets of LM Funding America. Moreover, these assets will provide an alternative to storing value in cash and cash equivalents and will help in the variety of transactions using blockchain technology in the future.
On January 28, LMFA sponsored LM Acquisition Opportunities, Inc (LMAO) completed the upside initial public offering in which it generated $103.5 million of total proceeds. The management is optimistic that this new digital strategy of LMFA would make LMAO more attractive in terms of a financial technology business with the help of digital assets.
LM Funding America stock is deeply focused on the development of its transactional capabilities and is planning to announce further developments in the future in terms of purchasing digital assets as well as material vendor relationships.
Previous News:
On March 18, 2021, LMFA stock did announce the separate trading of shares of its Class A common stock and warrants under the symbols “LMAO” and “LMAOW” in the Nasdaq Capital Market. The units that are not separated would continue to trade under the symbol “LMAOU”, reported at that time.
Conclusion:
It seems that rising momentum was already built by LMFA as it was going high in the previous trading session and today’s news about the purchasing of digital assets have added more hype to the rising stock price of the LMFA. Management is well aware that blockchain technology is the future and responding accordingly. In short, investors need to keep an eye on LMFA stock.
