Reliance Global Group to invest up to $120M in cryptocurrencies

Reliance Global Group (NASDAQ:RELI [https://seekingalpha.com/symbol/RELI]) on Monday announced its expansion into the digital asset and blockchain sector, with plans to purchase up to $120 million in cryptocurrencies.

As part of this initiative, the company said it plans to build a portfolio comprising cryptocurrencies, such as Bitcoin, Ethereum, and Solana.

Shares of the New Jersey-based company surged nearly 7% to $0.84 on Monday.

The company also said [https://seekingalpha.com/pr/20232094-reliance-global-group-reli-announces-its-strategic-expansion-into-cryptocurrency-and] it plans to purchase up to $60 million in digital assets in the first phase, followed by up to an additional $60 million, and will be managed by its newly formed Crypto Advisory Board (CAB).

Reliance Global said the CAB will manage, oversee, and advise on the ongoing development of the company's digital-asset initiatives.

“Through our efforts to build a portfolio of premier digital assets and by exploring tokenization opportunities, we believe Reliance can create a new and dynamic investment class that aims to enhance shareholder value and can position the Company at the cutting edge of InsurTech and blockchain innovation,” it said.

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* Financial information for Reliance Global Group [https://seekingalpha.com/symbol/RELI/income-statement]