Worksport Joins Bitcoin Revolution: A $5 Million Investment in Crypto Treasury!

Worksport's Bold Move into Crypto

Smaller public companies are taking a leaf out of MicroStrategy’s radical playbook by adopting a Bitcoin treasury strategy. The latest to join this trend is Worksport, a Nasdaq-listed auto parts firm known for selling tonneau covers for pickup trucks. On Thursday, the New York-based company announced its plan to invest $5 million in Bitcoin and XRP as part of its diversification strategy.

Worksport plans to commit up to 10% of any future excess cash to purchase cryptocurrencies and will also start accepting cryptocurrency payments on its website. CEO Steven Rossi highlighted the potential of cryptocurrency as a strategic complement to their expanding product offerings and global reach.

The firm believes that this move will increase returns for shareholders and act as an inflation hedge. Following the announcement, Worksport's stock price surged about 9%.

XRP: The Rising Star

XRP, the third-largest digital coin by market cap, is linked to Ripple, a fintech firm that facilitates cross-border money transfers. While Worksport's announcement marks an exciting development, it is important to note that MicroStrategy was the first public company to adopt Bitcoin on its balance sheet back in 2020, aiming to optimize shareholder value.

MicroStrategy's stock has skyrocketed since then, and the company now holds 402,100 Bitcoin, valued at approximately $40.5 billion at current prices.

Other American companies, like Cosmos Health and Tesla, have also explored Bitcoin investments, with Tesla still holding 9,720 Bitcoin, worth close to $1 billion. Publicly-listed Bitcoin miners in the U.S., such as Marathon and Riot, also maintain significant Bitcoin holdings.