Nuvve also intends to accept Bitcoin as a payment method for customers and suppliers to enhance grid electrification and reduce transactional friction.
A Californian company Nuvve, focused on vehicle-to-grid technology, has announced plans to invest up to 30% of its excess cash into Bitcoin. The move is part of the company’s broader strategy to diversify its treasury holdings. The actual amount of Bitcoin purchased will depend on market conditions and the company’s financial needs, according to a press release from 28 January.
In addition to holding Bitcoin, Nuvve intends to accept it as a payment method for both customers and suppliers. It is part of the company’s mission to promote grid electrification and offer more payment options with potentially lower transactional friction.
Nuvve’s decision to incorporate Bitcoin follows a growing trend among public companies, such as Oxbridge Re Holdings, which have added Bitcoin to their treasury reserves. Following the announcement, Nuvve’s shares saw a slight increase of 1.42% in pre-market trading.
