NUVVE, which EVS sharing power helps with the grid, will invest up to 30% of its extra money in Bitcoin to diversify the treasury interest of the company.
NUVVE, a public Californian company that focused on connecting electric vehicles with the net, said that the Holding Bitcoin (BTC) board has approved as a primary treasury activum. In a January 28th press releaseThe company considered by San Diego headquarters that it would invest up to 30% of its surplus money, based on the estimated six-month operating costs, in BTC. How much bitcoin it actually buys depends on the market conditions and business needs.
The move is not just about holding Bitcoin. NUVVE also wants to accept BTC as payment for customers and suppliers “as part of its core mission to promote grid electrification through innovation,” is the press release.
“BTC acceptance will promote more payment options for customers and suppliers with possibly less transactional friction that is inherent in digital currency.”
NUVVE CEO Gregory Poilasne
NUVVE, founded in 2010, specializes in vehicle-to-grid technology, with which EV’s can share electricity with the grid. The company has not specified how fast it starts with buying Bitcoin or how much it is planning to keep in the long term. After the news, the shares of NUVVE NVVE rose 1.42% to $ 2.85 in the pre-market trade.
By adding BTC to his treasury, NUVVE seems to follow the path of other public companies that have turned to Bitcoin for diversification. Oxbridge Re Holdings Limited, a listed reinsurance and tokenization company, for example, previously announced in January that the Bitcoin and Ethereum (ETH) added to its Treasury reserves as a store of value.
