5 million dollars bet for the treasury

Worksport, which is publicly listed in the US, has announced plans to invest $5 million in Bitcoin and XRP.

According to the statement, the move reflects confidence in cryptocurrency as a long-term store of value and inflation, in line with the global trend of institutional adoption.

Worksport accepts Crypto payments

The company has revealed its intention to allocate up to 10% of its surplus cash to crypto investments. The first stage of this strategy involves the purchase of 5 million dollars of Bitcoin and XRP.

Following the announcement, Worksport's stock (WKSP) gained more than 6% on December 5. The company's stock has seen losses all year, down more than 50%.

“Our upcoming adoption of Bitcoin (BTC) and XRP (Ripple) demonstrates our commitment to stay ahead of market trends by prioritizing operational efficiency and shareholder value. As we expand our product offering and global reach, cryptocurrency has the potential to be a strong strategic complement.”

Beyond its treasury strategy, Worksport plans to integrate crypto payments into its e-commerce platform. By doing this, the company can reduce transaction costs by 37%, which can increase operational efficiency.

Listed on the Nasdaq from 2021, Worksport focuses on power solutions for trucks, including tonneau covers with integrated mobile solar power systems.

The firm also announced plans to shift interest from money market accounts to Bitcoin and XRP. It allocates a portion of future capital increases to crypto investments.

Microstrategy's bitcoin-first approach is having an impact on small public organizations.

All in all, this approach follows a micro-strategy integrated approach that began hoarding Bitcoin in 2020. Michael Seiler's company bought more than $13 billion worth of BTC when it hovered around $95,000 last month alone.

Although initially criticized, this strategy has earned the company nearly $20 billion in current market value. Due to Bitcoin's recent rise, MicroStrategy has entered the list of the top 100 public companies in the US.

This broader trend has been embraced by companies such as Marathon Digital Holdings ( MARA ) and Metaplanet, which continue to include Bitcoin in their corporate treasury.

Earlier today, Bitcoin hit $100,000, a significant psychological level for investors. But the price was adjusted to $95,000 as traders grappled with potential market volatility.