Publicly traded firm Workspot has revealed Bitcoin and XRP will form part of the treasury reserve it is building
Worksport, a company based in New York that makes hybrid energy solutions, plans to buy Bitcoin (BTC) and XRP (Ripple) as part of its treasury strategy. According to a press release, the company’s board approved an investment of $5 million to purchase these cryptocurrencies. This move shows that Worksport intends to add these digital assets to its operations.
The Worksport Bitcoin and XRP Strategy
Meanwhile, Worksport has a four-part plan for using Bitcoin (BTC) and XRP. First, the company will use 10% of its extra cash reserves to buy these cryptocurrencies, which shows its commitment to investing in crypto for the long term. Second, Worksport will accept Bitcoin and XRP as payment on its e-commerce platform.
This decision will lower payment processing costs by up to 37%. It also offers a more affordable option than traditional payment systems while leveraging the efficiency of blockchain technology. Furthermore, the company will convert the interest earned from its cash reserves in money market accounts into Bitcoin and XRP.
Lastly, Worksport plans to use some of the money raised in future campaigns to grow its cryptocurrency investments. The company wants to include Bitcoin and XRP as key parts of its financial strategy, taking advantage of their potential to act as protective assets in a changing market.
MicroStrategy’s Bitcoin Strategy Won’t Stop
There is no doubt that Worksport wants to lead the way in using cryptocurrency in manufacturing. The company aims to modernize its financial practices, lower costs, and improve efficiency. Hence, this is the reason for its addition of BTC and XRP. The company believes XRP will always retain its stability despite the volatility of cryptocurrencies.
On the other hand, MicroStrategy, the business intelligence firm with a large appetite for Bitcoin, recently acquired 27,200 BTC at approximately $2.03 billion. This followed a series of moves in its latest Bitcoin acquisition plans. Recall that Michael Saylor, co-founder and Chairman of MicroStrategy, hinted at this massive purchase when it announced the company’s plans to raise $42 billion.
The plan is to generate the capital for three years. According to the announcement, the fund will comprise $21 billion each in equity and fixed-income securities. In a recent interview, Saylor clarified that Microstrategy will not shift its concentration away from investing in Bitcoin. The business intelligence firm has focused only on BTC and ignored other cryptocurrencies.
MicroStratgey’s chairman maintains that Bitcoin remains the key driver of the company’s stock growth. This principle has fuelled the company’s aggressive accumulation strategy since 2020, regardless of BTC market price.
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