We already knew that more and more companies are adopting Bitcoin as a reserve asset, but the American Worksport is also adopting XRP in addition to BTC. The plan for Worksport, a company with a market cap of $22 million, is to invest 10% of its cash surplus in Bitcoin and XRP.
Start with an investment of $5 million
The idea of Worksport is to put 10% of all cash left after fees into Bitcoin and XRP.
Initially, the party starts at Worksport with an investment of up to 5 million dollars. With this move, the company hopes to protect its reserves against inflation, which is of course a reason for many individuals and companies to choose Bitcoin.
The market apparently appreciated it, as Nasdaq-listed Worksport shot up 9.07% yesterday.
In addition to investing in Bitcoin and XRP, Worksport also plans to accept crypto payments. According to the company, it could save up to 37% of transaction costs with crypto payments.
“As Bitcoin and Their inflation-resistant characteristics increasingly make them a reliable store of values,” says Steven Rossi, CEO of Worksport.
Listed on the Nasdaq since 2021
Worksport has been listed on the Nasdaq since 2021 and manufactures energy solutions for trucks, including covers with integrated systems to generate solar energy. The plan is to put cash they earn through money market funds (government bonds) into Bitcoin and XRP.
They want to use a percentage of future capital rounds to buy more crypto.
With this strategy, Worksport joins a growing list of companies that follow MicroStrategy’s example. The only thing is that for the time being these are relatively small companies.
Only the purchases of MARA Holdings, a Bitcoin miner, are now also starting to take serious shape. For the rest, it concerns parties that spend several million, which is of course also fine.
But for Bitcoin to make a real breakthrough, more big names are needed.
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Source: https://newsbit.nl/amerikaanse-miljoenenbedrijf-koopt-bitcoin-en-xrp/
