Publicly Traded Green Energy Firm Starts Stashing Away Bitcoin

It’s not just MicroStrategy with its $48 billion in Bitcoin: Even smaller, Nasdaq-listed companies are bullish when it comes to stockpiling the leading cryptocurrency.

Another tech company Tuesday announced it would adopt a strategy of using spare cash to buy the cryptocurrency and accept it for payments. Nuvve (NASDAQ: NVVE), which is in the business of green energy with electric vehicle charging tech, said Tuesday that it would use 30% of its cash holdings to buy the asset and keep it in reserve.

Nuuve added that adopting Bitcoin would diversify the company’s treasury holdings. 

A number of Nasdaq-listed companies have started copying software company MicroStrategy’s idea of buying Bitcoin to get better returns for shareholders. The company started acquiring Bitcoin in 2020 and is now the largest corporate holder of the asset with over $48 billion worth of BTC in its treasury. And its share price has rocketed up as a result.

Nuuve sells electric vehicle charging equipment and also vehicle-to-grid technology, which allows EVs to store and resell unused energy back to the local grid. The company did not immediately respond to Decrypt‘s request for comment.

The company’s stock price is up nearly 3% on the day to $2.84, as of this writing, though the firm’s share price has struggled of late: It’s down 13% over the last month and 51% in six months.

Last week, real estate tech company Fathom Holdings (NASDAQ: FTHM) said it would allocate up to half of its excess cash reserves to Bitcoin. Last year, health care companies Semler Scientific and Cosmos Health, as well as auto firm Worksport, announced their own respective crypto-buying strategies. 

MicroStrategy’s founder and chairman argues that companies can last longer if they buy Bitcoin instead of holding cash, because the returns are so big. Some investors argue that the cryptocurrency can work as an effective inflation hedge.

Larger companies have been slower to adopt a Bitcoin standard, though, although electric car company Tesla is an exception: the Nasdaq-listed giant is the sixth-largest corporate holder of the cryptocurrency, with over $1 billion in its vault. 

Edited by Andrew Hayward