Nasdaq-Listed Worksport Adds Crypto to Corporate Treasury Strategy

Bitcoin XRP

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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December 5, 2024

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Nasdaq-listed Worksport (WKSP) announced it is planning to adopt Bitcoin and XRP as part of its corporate treasury strategy.

The firm, which manufactures tonneau covers and solar-powered systems for pickup trucks, is planning to convert interest earnings to cryptocurrency. Worksport will allocate up to 10% of excess operational cash, and allow crypto transactions on Worksport.com.

Worksport’s Commitment to Crypto

Total allocation for cryptocurrency investments will be up to a maximum of $5 million, said the firm. This will be adjusted through future board resolutions. Worksport will also adjust its holdings based on market conditions to optimize asset performance.

“Our upcoming adoption of Bitcoin and XRP reflects our commitment to staying ahead of market trends while prioritizing operational efficiency and shareholder value. As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement,” said Steven Rossi, CEO of Worksport.

Long-Term Confidence in Cryptocurrency

This move aims to improve “transaction efficiency” while reflecting the company’s long-term confidence in cryptocurrency as both a store of value and a hedge against inflation.

Worksport’s revenues continue to show growth, with updates on holiday sales performance expected in the coming days.