In a move that could only be described as either genius or madness, Nuvve, the clean energy electric vehicle charging tech firm, has decided to dip its toes into the murky waters of Bitcoin. Yes, you heard it right—nearly a third of its spare cash will now be funneled into the digital gold rush. 🪙
In a press release dated January 28, the Nasdaq-listed company announced it would “allocate up to 30% of its excess cash, calculated based on its estimated six-month operating expenses” toward buying Bitcoin (BTC). Because, why not? When your stock is down 99.93% from its all-time high, what’s a little more risk? 📉
Nuvve claims this will diversify its treasury holdings and align with its goal of offering a Bitcoin payment option. Gregory Poilasne, the founder and CEO, waxed poetic about how “BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies.” Sure, Greg, sure. 🤔
Nuvve, known for its EV charging stations that can sell excess energy back to the grid, now joins the ranks of non-crypto companies buying Bitcoin to “bolster their treasury and share price.” Because nothing says “financial stability” like investing in a cryptocurrency that’s as volatile as a caffeinated squirrel. 🐿️
Shares in Nuvve (NVVE) closed up by 1.81% to $2.81 on January 28—down from a daily high of over $4 but still managed to climb 1.42% after hours to $2.85. Google Finance reports this as a “win,” but let’s be real, it’s more like a participation trophy. 🏆
Nuvve’s share price is down 99.93% from its all-time high of $8,000 in January 2021 and is down 10% so far this month. The California-based firm brought in $1.92 million in revenue in the third quarter of 2024, a 29.3% fall from the previous quarter. But hey, at least they’ve got Bitcoin now, right? 🤑
The firm’s third-quarter statement showed that it held $325,425 in cash and, if it decided to use 30% of it to buy Bitcoin today, could buy just under 1 BTC at its current trading price of $101,522. One whole Bitcoin! That’ll surely turn things around. 🙃
Bitcoin Treasuries data shows 62 public companies hold a combined 618,615 BTC worth over $62.6 billion. Business software firm MicroStrategy remains by far the largest corporate Bitcoin holder at 471,107 Bitcoin, while the world’s largest electric vehicle firm, Tesla, owns 9,720 Bitcoin. Nuvve? Well, they’re just happy to be here. 🎉
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2025-01-29 04:56