Nasdaq-listed company AGAE's stock price rose by more than 100% after announcing its investment in Bitcoin and Ethereum

Shares of Nasdaq-listed gaming company Allied Gaming & Entertainment (stock code AGAE) rose more than 100% on Friday after the company announced its first investment in Bitcoin and Ethereum as part of its corporate fund management strategy, The Block reported. The company said the move is the first step in bringing cryptocurrencies into its balance sheet, laying the foundation for a “wider blockchain and real-world assets (RWA) tokenization initiative.” The stock price hit a high of $2.18 intraday, trading at about $1.73 at press time, up 89% and a market value of about $73 million.