PANews reported on October 1 that LiveOne (LVO), a Nasdaq-listed company and entertainment technology platform, disclosed in its letter to shareholders that its board of directors has approved an authorization of up to US$500 million to expand the company's crypto asset reserve strategy.

The letter revealed that LiveOne currently has $5 million worth of Bitcoin on its balance sheet and is collaborating with Arca to deploy a Bitcoin yield strategy. In addition to its Bitcoin reserves, LiveOne plans to expand its Web3 strategy, aiming to tokenize its over 10,000 hours of video content on the blockchain. To support this strategy, the company has appointed crypto industry veterans such as Lou Kerner and Steve McClurg to its advisory board. The company also mentioned in the letter that it has completed a $45 million restructuring plan and $10 million in equity financing, and currently holds over $18 million in cash and equivalents, including Bitcoin.