Nuvve plans to invest up to 30% of its surplus cash into Bitcoin, as announced in a January 28 press release.
This investment aims to diversify its treasury holdings and is part of the company’s strategy to integrate Bitcoin as a payment option. The allocation is based on estimated six-month operating expenses.
“BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies,”
said Nuvve founder and CEO Gregory Poilasne.
The Nasdaq-listed clean energy EV charging firm has invested in Bitcoin to enhance its treasury and increase its share price, motivated by Bitcoin’s 150% surge over the past year. Shares of Nuvve (NVVE) closed 1.81% higher at $2.81 on January 28, reaching a daily peak of over $4, and gained an additional 1.42% after market close, rising to $2.85 according to Google Finance.
In Q3 2024, the firm generated $1.92 million in revenue, reflecting a 29.3% decline from the previous quarter. Its financial report showed a cash balance of $325,425, meaning a 30% allocation to Bitcoin at its current price of $101,522 would amount to just under 1 BTC. Bitcoin Treasuries data reveals that 62 publicly traded companies hold 618,615 BTC, valued at over $62.6 billion.
Notably, MicroStrategy, a business software firm, remains the largest corporate Bitcoin holder, with its total holdings now at 471,107 BTC. The company recently acquired an additional 1,070 BTC for $101 million at an average price of $94,004 per BTC. As of January 5, its Bitcoin reserves stand at 447,470 BTC, purchased for $27.97 billion at an average cost of $62,503 per BTC. MicroStrategy reported strong returns with a 48% Bitcoin yield in Q4 2024 and 74.3% for the year. Furthermore, it plans to raise $2 billion through a perpetual preferred stock offering, a move independent of its ambitious “21/21”
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