Nasdaq-Listed Worksport Adds Crypto to Corporate Treasury Strategy

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

Share

Last updated:

December 5, 2024 10:47 EST

Why Trust Cryptonews

For over a decade, Cryptonews has covered the cryptocurrency industry, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships.

Nasdaq-listed Worksport (WKSP) announced it is planning to adopt Bitcoin and XRP as part of its corporate treasury strategy.

The firm, which manufactures tonneau covers and solar-powered systems for pickup trucks, is planning to convert interest earnings to cryptocurrency. Worksport will allocate up to 10% of excess operational cash, and allow crypto transactions on Worksport.com.

Worksport’s Commitment to Crypto

Total allocation for cryptocurrency investments will be up to a maximum of $5 million, said the firm. This will be adjusted through future board resolutions. Worksport will also adjust its holdings based on market conditions to optimize asset performance.

“Our upcoming adoption of Bitcoin and XRP reflects our commitment to staying ahead of market trends while prioritizing operational efficiency and shareholder value. As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement,” said Steven Rossi, CEO of Worksport.

Long-Term Confidence in Cryptocurrency

This move aims to improve “transaction efficiency” while reflecting the company’s long-term confidence in cryptocurrency as both a store of value and a hedge against inflation.

Worksport’s revenues continue to show growth, with updates on holiday sales performance expected in the coming days.

Trending News Price PredictionsRecommended Articles