Despite facing an investigation from the exchange, the stock price of Caliber, a real estate asset management company listed on Nasdaq, surged significantly after it announced a shift to a Chainlink asset reserve strategy.
According to an announcement on Thursday, Caliber's board has approved the establishment of a digital asset reserve strategy centered around Chainlink (LINK). Under this new policy, the company plans to allocate part of its funds to purchase LINK tokens.
The Caliber board also appointed a cryptocurrency advisory committee to provide guidance to management on digital asset strategies, policies, and related plans. Market participants reacted positively to the news, with Google Finance data showing the company's stock soaring 77% in pre-market trading and maintaining this new high during the early trading session.
Although Caliber reported that it received a written notice from Nasdaq on Wednesday stating that it "no longer complies with Nasdaq listing rule 5550(b)(1)," the stock price still experienced a strong increase. Establishing a Chainlink asset reserve may be a way for the company to address issues before facing delisting from the exchange.
The relevant rules require companies to maintain at least $2.5 million in shareholder equity to ensure continued listing on the exchange. The company now has 45 days to submit a remedial plan, and if approved, it could receive up to 180 days to rectify the situation.
Documents filed with the U.S. Securities and Exchange Commission in the second quarter of this year show that Caliber has a shareholder equity deficit of up to $17.6 million. If the company fails to close this gap, it will lose its status as a publicly traded company. If Caliber can successfully raise funds for its newly established Chainlink asset reserve, it may regain compliance with listing requirements.
The trend of corporate crypto asset reserves initially focused primarily on Bitcoin (BTC) after Strategy (formerly MicroStrategy) created the first Bitcoin asset reserve. Now, an increasing number of companies are beginning to shift their asset reserve plans toward alternative tokens.
Earlier this week, Trump Media and Technology Group, the owner of former President Donald Trump's Truth Social platform, announced the establishment of Trump Media Group CRO Strategy, planning to create an asset reserve of at least $6.42 billion in Cronos (CRO). Similarly, medical technology company Sharps Technology saw its stock nearly double after announcing a $400 million Solana (SOL) asset reserve on Monday.
However, these companies may not guarantee success. Earlier this month, biotechnology company Windtree Therapeutics saw its stock plummet 77% on Wednesday after establishing a BNB asset reserve strategy last month, following Nasdaq's announcement of its impending delisting.
Related: Kanye West's YZY token incident: 51,000 traders lost $74 million, with only 11 profiting a million.
Original: “Caliber's stock rises 77% due to LINK asset reserve plan while facing Nasdaq investigation”
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