XRP enters corporate treasury reserves with Worksport and BC Bud Co investments XRP enters corporate treasury reserves with Worksport and BC Bud Co investments
Market observers note institutional interest in XRP as companies diversify treasuries amid rising market appeal.
2 min read
Updated: Dec. 6, 2024 at 11:21 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
XRP’s recent price surge has sparked growing interest from institutional players, with Worksport and The BC Bud Co. announcing plans to include the token in their treasury strategies.
Traditionally, corporate crypto investments have centered on Bitcoin, a trend set by companies like MicroStrategy. However, XRP’s impressive 300% rally over the past month has propelled it into the top three digital assets by market capitalization.
Market observers suggest that this rally has encouraged smaller firms to explore XRP, aiming to benefit from the growing momentum around the token.
Workspot eyes $5 million Bitcoin and XRP allocation
On Dec. 5, Worksport, a Nasdaq-listed truck cover manufacturer, unveiled plans to diversify its treasury by investing up to $5 million in Bitcoin and XRP.
According to its statement, the company intends to allocate 10% of its surplus operational cash to these digital assets to hedge against inflation and enhance its financial strategy.
Additionally, Worksport plans to accept crypto payments on its e-commerce platform, anticipating transaction cost reductions of up to 37%. The company also aims to reinvest interest earned from money market accounts into Bitcoin and XRP while considering future capital allocations to build long-term crypto reserves.
Steven Rossi, CEO of Worksport, described Bitcoin and XRP as resilient assets well-suited for a modern treasury approach. He emphasized their potential to preserve value and serve as tools for financial innovation.
BC Bud Co. invests in XRP.
Canadian cannabis company The BC Bud Co. announced a CAD 250,000 (equivalent to $178,000) investment in XRP using cash reserves held in Canadian accounts. This move reflects the company’s strategy to maximize shareholder value through exposure to emerging financial assets.
CEO Brayden Sutton noted XRP’s recent legal and market advancements as evidence of why it is a compelling investment choice for his company. He pointed to global interest in XRP exchange-traded funds (ETFs) and pro-crypto sentiment in the political landscape as factors bolstering the asset’s appeal.
Sutton also highlighted XRP’s potential to align with evolving financial trends while driving long-term returns for shareholders.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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