Nuvve to Invest up to 30% of Excess Cash in Bitcoin

Nuvve, a California-based company specializing in connecting electric vehicles to the grid, has announced plans to invest up to 30% of its excess cash in Bitcoin to diversify its treasury holdings.

The decision, approved by the company’s board, aims to allocate a portion of its excess cash, based on estimated six-month operating expenses, into Bitcoin investments. The actual amount of Bitcoin purchased will depend on market conditions and the company’s business needs.

Accepting Bitcoin Payments

In addition to holding Bitcoin, Nuvve plans to accept Bitcoin as payment from customers and suppliers. This move is part of the company’s core mission to promote grid electrification through innovation.

BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies.

Nuvve CEO Gregory Poilasne emphasized the importance of providing customers and suppliers with more payment options, potentially reducing transactional friction associated with traditional currencies.

About Nuvve

Nuvve, founded in 2010, specializes in vehicle-to-grid technology, allowing electric vehicles to share power with the grid. The company’s shares (NVVE) rose 1.42% to $2.85 in pre-market trading following the announcement.

Following in the Footsteps of Other Public Companies

Nuvve’s decision to add Bitcoin to its treasury reserves follows a growing trend among public companies seeking to diversify their investments. Other companies, such as Oxbridge Re Holdings Limited, have also turned to Bitcoin and other cryptocurrencies as a store of value.

Tips for Investing in Bitcoin:

  • Conduct thorough research and consider market conditions before investing in Bitcoin.
  • Diversify your investment portfolio to minimize risk.
  • Stay informed about regulatory developments and market trends affecting Bitcoin prices.

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