LiveOne doubles bitcoin holdings to over $4 million

LiveOne (NASDAQ: LVO) has doubled its bitcoin treasury holdings to over $4 million, purchasing the cryptocurrency at an average price of $116,991 per coin, according to a company statement.

The Los Angeles-based music and entertainment technology company said it continues to work with ARCA to enhance its digital asset yield strategy. The company previously announced plans for a treasury yield strategy targeting up to $500 million.

"Our strategic investment in Bitcoin reflects our confidence in blockchain as a long-term store of value and aligns with our commitment to innovative financial management," said Robert Ellin, Chairman and CEO of LiveOne.

LiveOne operates music, entertainment and technology platforms focused on delivering content through memberships and live events. The company's subsidiaries include Slacker, PodcastOne (NASDAQ: PODC), PPVOne, and several other digital media properties.

The company's over-the-top application is available across multiple platforms including iOS, Android, Roku, Apple TV, Samsung, and Amazon Fire devices.

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