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HomeCrypto NewsMarketNasdaq-Listed Electric Vehicle Company Nuvve Adopts Bitcoin as Reserve Asset

Nasdaq-Listed Electric Vehicle Company Nuvve Adopts Bitcoin as Reserve Asset

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Nuvve, a non-crypto, publicly traded company, has adopted Bitcoin as a strategic reserve asset, pledging 30% of its excess cash to stack the asset.

The green energy-focused electric vehicle firm announced in a press release on January 28 that it has adopted Bitcoin as a strategic reserve asset, becoming the latest to take the orange pill. According to the release, it would dedicate a considerable portion of its excess cash to buying and holding the pioneering cryptocurrency.

Another Day, Another Company Adopting Bitcoin

Creating a Bitcoin stockpile has become a growing trend among corporate firms. Pioneering large companies like MicroStrategy and smaller-capped ones like Matador and Kurl Technologies have adopted the asset amid growing economic turbulence and its capability to hedge against inflation.

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Nuvve announced it would invest 30% of its reserve in Bitcoin, a long-standing plot to diversify its portfolio. The firm also revealed the adoption aligns with its plans to offer crypto payment options to its clients.

Known for its green energy campaign, Nuvve sells electric vehicle charging equipment. The company utilizes vehicle-to-grid technology, allowing it to resell excess electricity to the local grid.

Notably, Nuvve’s Q3 2024 report shows a profit of $1.92 million and excess cash slightly above $325,000. Assuming it remains within the range, committing 30% would amount to under 1 BTC at the current market price of $102,101.

Nonetheless, its stock (NASDAQ: NVVE) saw considerable changes after the announcement. It reached an intraday high of $4.39 before trending at $2.81 at the close of the day.

Growing List of Entities Holding Bitcoin

Data from Bitcoin Treasuries shows that 156 entities hold Bitcoin, seven of which created the stash in the past 30 days. Today, the firms hold over 3 million BTC, worth over 309 billion.

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Of these firms, 78 are public, and 19 are private. Michael Saylor’s MicroStrategy, which holds 471,107 BTC ($48 billion), and Marathon Digital (MARA), with 44,893 BTC ($4.6 billion), lead the pecking order.

Meanwhile, the growing adoption correlates with a warmer embrace among entities globally. In addition to corporate firms, countries have also accelerated plans to buy Bitcoin. The United States, Russia, and Brazil are considering creating a national stockpile.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Elendu Benedict
Elendu Benedict
Elendu Benedict is a refined cryptocurrency writer with over two years of experience in the field. With a thorough understanding of blockchain technology, cryptocurrencies, and market trends, as well as proficiency with ETFs, DeFi, and Web3, he specializes in writing engaging and educational articles on a variety of crypto-related subjects.

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