Nuvve Holdings Corp., a Nasdaq-listed company known for its work in vehicle-to-grid technology, is preparing to add Bitcoin to its treasury. The company’s board recently approved a proposal to include BTC as part of its treasury management program. This announcement comes at a time when corporate adoption of cryptocurrency is a hot topic in the business world.
Here’s what you need to know.
On January 28, Nuvve confirmed it would include Bitcoin in its treasury. Experts believe this move will help the company diversify its financial holdings. Additionally, this decision fits into Nuvve’s larger plan to accept Bitcoin as a payment option for customers and suppliers.
Gregory Poilasne, Nuvve’s Founder and CEO, commented that adopting Bitcoin would give customers and suppliers more ways to pay, which could help improve business operations.
30% of Cash Set Aside for Bitcoin Purchases
Reports suggest that Nuvve plans to allocate at least 30% of its excess cash to purchase Bitcoin. The company will base this purchase on an estimated six months of operating expenses, according to sources close to the situation.
At the start of the year, Nuvve’s stock was priced at $3.13. It peaked at $4 by the second trading day. However, between January 6 and 14, the stock dropped by about 32.55%. While the stock rose to $3.25 on January 21, it hasn’t fully recovered from the dip. On January 28, the price hit $4.39 at one point but is currently sitting at $2.81.
In the last 24 hours, Bitcoin has experienced a slight 0.1% increase in price, even as the overall cryptocurrency market saw a 2.3% decline. This shows Bitcoin’s relative stability compared to the broader market.
Nuvve’s decision to adopt Bitcoin is a significant step in the growing trend of corporate crypto integration. By allocating 30% of its excess cash to Bitcoin, the company aims to diversify its assets while preparing to accept digital payments.
With increasing institutional interest in Bitcoin, Nuvve’s move could inspire other companies to follow, further driving the adoption of cryptocurrency in the business world.
Nuvve’s move is just one sign of a larger trend that may soon become the new normal. Bitcoin is here to stay!
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