Bitnine announced on the 25th that the equity value of its Canadian-listed affiliate AGEDB Technology (AGEDB) amounts to 30 billion KRW.
Bitnine holds approximately 46% of AGEDB shares through its U.S. subsidiary Bitnine Global. Including an additional 24% secured through a Special Purpose Company (SPC), the total shareholding reaches about 70%.
AGEDB, an AI company based on graph database (DB) technology established in 2022, is headquartered in Vancouver, Canada. It was listed on the Toronto Stock Exchange (TSX) on March 25. Investor interest in its growth potential has surged recently, causing the stock price to jump about 2.5 times just this month. As of the closing price on the 24th (local time), the market capitalization stands at approximately 38.14 million Canadian dollars (about 38.7 billion KRW).
A company representative stated, “AGEDB’s stock price is soaring due to a reevaluation of its graph DB-based AI technology and growth potential,” adding, “The equity value of AGEDB, which is close to cash assets, reaches 30 billion KRW, surpassing Bitnine’s market capitalization.”
In April, Bitnine signed a contract to supply DB products to the global IT company CGI. Subsequently, it launched the AgensSQL Gen AI solution, marking its full-scale entry into the generative AI business.
A Bitnine official emphasized, “Through collaboration with AGEDB, we were able to secure a major contract with CGI,” and added, “We will accelerate project acquisitions and investment attraction with global conglomerates by leveraging AGEDB’s high standing in the industry.”
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