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Amber International raises $25.5 million to fuel $100 million crypto reserve strategy
Quick Take
Amber International, a subsidiary of Amber Group, landed $25.5 million in a private placement.
The Nasdaq-listed firm said it plans to use the proceeds to support its $100 million crypto reserve strategy launched earlier this year.
Amber International Holding Ltd., a subsidiary of Singapore-based crypto financial services firm Amber Group, has raised $25.5 million through a private placement to support its $100 million crypto reserve strategy.
In a statement released Thursday, Amber said that the funding drew participation from institutional investors including CMAG Funds, Mile Green, Pantera Capital, Choco Up and Kingkey Financial International. The American Depository Shares (ADS) for Amber were priced at $10.45 each, reflecting a 5% discount to the three-day volume-weighted average price of its stock. Each ADS represents five Amber's Class A shares.
"Proceeds from the private placement will be strategically used to enhance Amber International's $100 million Crypto Reserve initiative, which is designed to support long-term ecosystem alignment and product innovation," the company said, further developing the crypto reserve plan initially announced in May.