Nuvve, which helps EVs share power with the grid, will invest up to 30% of its extra cash in Bitcoin to diversify the company’s treasury holdings.
Nuvve, a public Californian company focused on connecting electric vehicles to the grid, said its board has approved holding Bitcoin (BTC) as a primary treasury asset. In a Jan. 28 press release, the San Diego-headquartered company revealed it would invest up to 30% of its excess cash, based on its estimated six-month operating expenses, into BTC. How much Bitcoin it actually buys will depend on market conditions and its business needs.
The move isn’t just about holding Bitcoin. Nuvve also wants to accept BTC as payment for customers and suppliers “as part of its core mission to promote grid electrification through innovation,” the press release reads.
“BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies.”
Nuvve CEO Gregory Poilasne
Founded in 2010, Nuvve specializes in vehicle-to-grid technology, which allows EVs to share power with the grid. The company didn’t specify how soon it will start buying Bitcoin or how much it plans to hold long term. Following the news, Nuvve’s shares NVVE rose 1.42% to $2.85 on pre-market trading.
By adding BTC to its treasury, Nuvve appears to be following the path of other public companies that have turned to Bitcoin for diversification. For example, Oxbridge Re Holdings Limited, a publicly listed reinsurance and tokenized asset firm, announced earlier in January that it added Bitcoin and Ethereum (ETH) to its treasury reserves as a store of value.
