Smaller public companies are taking a leaf out of microstrategy's radical playbook by embracing bitcoin. Treasury strategy. And one is also rising in Ripple-linked XRP.
The latest is auto company Worksport, which trades on the Nasdaq (NASDAQ: WKSP ) and sells tonneau covers for pickup trucks. The New York-based company announced Thursday that it is in the process of spending $5 million Bitcoin And XRP.
Worksport, on the other hand, said it will pledge up to 10% of future profits to buy future cryptocurrencies. He added that he accepts cryptocurrency for payment on his website.
“As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement,” Worksport CEO Steven Rossi said in a statement.
The company added that the acquisition will increase earnings for shareholders and act as an inflation hedge. Worksport's stock price rose about 9 percent on the day, following the announcement.
XRP is the third largest digital coin by market cap. The founders started Ripple, a fintech company that allows institutions to move money across borders.
Worksport did not immediately respond DecryptRequest for feedback.
Software company micro strategy It became the first public company Instead of holding excess cash, put Bitcoin on the balance sheet in 2020 to get the best results for shareholders.
He has his stock get up Because of this, and now a company that sells data analysis software bills itself as a “Bitcoin development company” that keeps its cryptography secure.
MicroStrategy now holds 402,100 bitcoins – worth about $40.5 billion today, at the coin's current price of $100,670.
Other U.S. companies that have sought the same orange coin returns as MicroStrategy include healthcare equipment company Cosmos Health (NASDAQ: COSM ). announced Last month, he planned to buy Bitcoin and Ethereum, and electricity Car giant Tesla (NASDAQ:TSLA)
The Elon Musk-led company first bought bitcoin in 2020 before selling off part of its holdings. Today, it still holds 9,720 Bitcoin worth nearly $1 billion.
Many publicly listed bitcoin miners in the US, such as Marathon and Riot, hold significant amounts of the cryptocurrency.
Edited by Andrew Hayward.
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