Worksport, a US auto parts company, has announced plans to invest $5 million in Bitcoin and XRP as part of its strategy to diversify holdings and improve transaction efficiency. The company aims to allocate up to 10% of excess cash from operations to crypto investments. The move reflects Worksport's confidence in cryptocurrency as a long-term store of value and hedge against inflation, aligning with the global trend of institutional adoption. The company's stock rose over 6% following the announcement. Worksport also plans to integrate crypto payments into its e-commerce platform, expecting a 37% reduction in transaction costs. The firm will convert interest from money market accounts into Bitcoin and XRP and allocate portions of future capital raises to crypto investments. This strategy follows the example of MicroStrategy, which has accumulated over $13 billion worth of Bitcoin. Bitcoin recently reached $100,000 before a slight correction to $95,000.
- Content Editor ( beincrypto.com )
- 2024-12-06
Public Company Worksport to Invest $5 Million in Bitcoin and XRP For Treasury