Ryde Group Ltd (NYSE:RYDE) shares were negative by noon EDT Wednesday. The company, which prides itself on being a leading data-driven technology company and Singapore's first homegrown carpooling app, today announced its adoption of a Digital Asset Treasury (DAT) Strategy. This framework reflects the Company's intention to evaluate digital assets as part of its broader treasury management approach and long-term balance sheet planning.
“In response to the evolving macroeconomic environment,” read this morning’s news release, “Ryde is reviewing ways to diversify and modernize its corporate treasury while supporting long-term balance sheet resilience.”
Under the DAT framework, the Company may allocate a portion of its corporate reserves into digital assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), with allocation size and timing subject to market conditions and the Company's internal governance procedures and approval processes.
This initiative is intended to provide Ryde with additional flexibility in how it manages its treasury reserves, while maintaining a focus on prudent capital management and risk oversight.
"The adoption of our Digital Asset Treasury Strategy reflects Ryde's ongoing efforts to evaluate new approaches to treasury management in a changing economic and technology environment," said CEO Terence Zou, Founder.
"We believe it is important to assess how digital assets may complement our existing treasury approach, while ensuring appropriate governance, oversight, and risk management."
RYDE shares began trading Wednesday down four cents, or 4.9%, to 67 cents.
