DCX raises $700M in private placement, accepts crypto as payment

Digital Currency X Technology Inc. (Nasdaq: DCX) has entered into a securities purchase agreement for a private placement of $700 million in units, with investors having the option to pay in U.S. dollars or digital assets including Bitcoin and Ethereum, according to a company statement.

Each unit consists of one Class A ordinary share with a par value of $0.0001 and three warrants, priced at $2.11 per unit. The warrants carry an exercise price of $2.11 per share, became exercisable on June 24, 2026, and will expire three years from that date.

DCX said it intends to use the proceeds for working capital and general corporate purposes, including its digital asset treasury strategy and expansion of its AI cloud computing services business.

The company, which is transitioning away from electric-vehicle manufacturing, said accepting digital assets as payment allows it to grow its treasury holdings without converting assets through open markets.

"This financing is structured to match how we operate as a treasury-focused company," said Melissa Chen, Chief Executive Officer of DCX. "Investors can subscribe with the same digital assets we hold and manage, which lets us build our balance sheet without forcing conversions through the market."

The closing of the private placement remains subject to customary conditions.

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