Green energy tech firm Nuvve to allocate 30% of excess cash to Bitcoin

Nuvve, which helps electric vehicles to share power with the network, will invest up to 30% of its additional money in Bitcoin to diversify the assets of the company’s treasury.

Nuvve, a Californian public company focused on connecting electric vehicles to the network, said its board of directors had approved Bitcoin (BTC) As an actor of the primary treasure. In a January 28 press releaseThe company whose headquarters is in San Diego revealed that it would invest up to 30% of its excess cash, based on its estimated operating expenses of six months, in BTC. The amount of bitcoin that he really buys will depend on market conditions and its commercial needs.

This decision is not only to hold Bitcoin. Nuvve also wishes to accept BTC as payment of customers and suppliers “as part of its main mission to promote the electrification of the network via innovation,” said the press release.

“Acceptance of BTC will promote more payment options for customers and suppliers with transactional friction potentially less inherent in digital currencies.”

The CEO of Nuvve Gregory Poilasne

Founded in 2010, Nuvve specializes in network vehicle technology, which allows electric vehicles to share energy with the network. The company did not specify how long it will start to buy bitcoin or to what extent it plans to hold in the long term. Following the news, Nuvve NVVE shares increased by 1.42% to $ 2.85 on trading before the market.

By adding BTC to his treasure, Nuvve seems to follow the path of other public companies that have turned to Bitcoin for diversification. For example, Oxbridge Re Holdings Limited, an asset company reinsurance and tokenized token on the stock market, announced earlier in January that it had added Bitcoin and Ethereum (Ethn) to its cash reserves as a value reserve.