TechFlow, September 10 — According to CoinDesk, Robin Energy, a Cyprus-based international energy transportation company, has completed its first $5 million allocation into bitcoin, becoming the latest energy-related firm to diversify its portfolio through cryptocurrency.
The company's stock, traded on Nasdaq under the ticker RBNE, surged more than 90% on Wednesday, reaching an intraday high of $4.27. For most of August, the stock had been trading sideways around $1.87.
In late July, Robin Energy first disclosed its plan to hold bitcoin as treasury assets and announced a comprehensive bitcoin treasury framework aiming to allocate 50% of its long-term cash reserves to bitcoin. The company executed this allocation through Anchorage Digital Bank.
