Bitnine announced on the 27th that the market capitalization of its Canadian-listed affiliate AGEDB Technology (AGEDB) has surpassed 50 billion KRW. Bitnine holds approximately 70% of the shares through its U.S. subsidiary Bitnine Global and a special purpose company (SPC).
AGEDB's market capitalization reached 49.16 million USD based on the closing price on the 26th (local time), exceeding 50 billion KRW. This is about twice the market capitalization of Bitnine, which was 26.7 billion KRW based on the previous day's closing price.
AGEDB is an artificial intelligence (AI) company based on graph database (DB) technology, established in 2022. Since its listing on the Toronto Stock Exchange (TSX) in Canada last March, its stock price has surged significantly amid growing attention to AI-related growth potential.
A Bitnine representative said, "With the dawn of the AI market, global investors' interest in AGEDB is increasing," adding, "We will create synergy in the DB and AI business sectors through collaboration with our affiliate."
Bitnine demonstrated its technological capabilities by signing a product supply contract with CGI, a global IT and software company, in April. Through this contract, the company plans to actively supply its products to global clients.
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