PANews reported on December 23 that, according to Globenewswire, Nasdaq-listed e-commerce and supply chain platform iPower announced it has reached a $30 million convertible note financing agreement to launch its Digital Asset Treasury (DAT) strategy. The company disclosed that the first phase of this financing will invest $9 million, of which $4.4 million is intended to be used to purchase Bitcoin and Ethereum, and the remaining funds will be used to increase working capital to bolster the balance sheet. 80% of the subsequent funds will be used for continued acquisitions of digital assets.

Previously, iPower announced in June that it was shifting its strategy towards crypto finance and blockchain infrastructure services.