Clean energy electric vehicle charging tech firm Nuvve has said it will begin to buy Bitcoin by putting aside nearly a third of its spare cash.
The Nasdaq-listed company said in a Jan. 28 press release that it would “allocate up to 30% of its excess cash, calculated based on its estimated six-month operating expenses” toward buying Bitcoin.
Nuvve said adding Bitcoin will diversify its treasury holdings, and the move aligns with its goal of offering a Bitcoin payment option.
“BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies,” said Nuvve founder and CEO Gregory Poilasne.
Nuvve, which provides charging stations for EVs that can sell excess energy back to the grid and other energy storage solutions, joins a growing list of non-crypto publicly traded companies buying Bitcoin with an aim to bolster their treasury and share price as the cryptocurrency has gained 150% over the past year.
Shares in Nuvve (NVVE) closed up by 1.81% to $2.81 on Jan. 28 — down from a daily high of over $4, but its stock climbed 1.42% after hours to $2.85, per Google Finance.
Read the full article: EV energy tech firm Nuvve to start buying Bitcoin
