Nasdaq-Listed Truck Parts Maker Joins Bitcoin Rush, Plans $5M Crypto Buy

Digital Asset Manager SkyBridge Adds Major Cryptocurrencies to Balance Sheet

  • Worksport announces $5 million investment in Bitcoin and XRP, committing 10% of future excess cash to cryptocurrencies.
  • Company’s stock price increased 9% following the cryptocurrency investment announcement.
  • MicroStrategy‘s Bitcoin holdings now value $40.5 billion at current prices.
  • Tesla maintains 9,720 Bitcoin position worth approximately $1 billion.
  • Public companies increasingly adopt cryptocurrency treasury strategies following MicroStrategy’s model.

Nasdaq-listed automotive accessories manufacturer Worksport (NASDAQ: WKSP) is allocating $5 million to purchase Bitcoin and XRP, joining a growing roster of public companies incorporating cryptocurrencies into their treasury strategies.

- Advertisement -

The New York-based tonneau cover manufacturer announced Thursday its plans to diversify its treasury holdings, committing up to 10% of future excess cash to cryptocurrency investments. The company will also begin accepting cryptocurrency payments through its website.

Corporate Crypto Treasury Expansion

Worksport CEO Steven Rossi expressed strategic motivations behind the move: “As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement.” The company cited inflation hedging and enhanced shareholder returns as primary objectives.

The announcement follows the path established by MicroStrategy, which pioneered corporate Bitcoin adoption in 2020. MicroStrategy currently holds 402,100 Bitcoin valued at $40.5 billion, having transformed from a software company into a “Bitcoin development company.”

Other public companies adopting similar strategies include:

  • Cosmos Health (NASDAQ: COSM): Recently announced plans to acquire Bitcoin and Ethereum
  • Tesla (NASDAQ: TSLA): Maintains 9,720 Bitcoin worth approximately $1 billion
  • Various U.S. Bitcoin mining companies including Marathon and Riot

XRP Integration

Notably, Worksport’s strategy includes XRP, the third-largest cryptocurrency by market capitalization. XRP, developed by Ripple, facilitates cross-border institutional payments through its blockchain technology.

The market responded positively to Worksport’s announcement, with the company’s stock price increasing approximately 9% during Thursday’s trading session.

- Advertisement -

This response mirrors similar market reactions to corporate cryptocurrency adoption announcements, suggesting continued investor confidence in digital asset treasury strategies.

✅ Follow BITNEWSBOT on Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

Coinbase to Launch US-Regulated Bitcoin, Ether Perpetual Futures

Coinbase will launch U.S.-regulated perpetual-style futures for Bitcoin and Ether on July 21.The move...

Fannie Mae, Freddie Mac Now Accept Crypto Assets for Mortgages

Fannie Mae and Freddie Mac will now recognize Bitcoin and other cryptocurrencies as reserves...

AI-Powered Blockchain Activity Soars 86%, Nears Gaming Market Share

Blockchain-based Artificial Intelligence activity has grown by 86% since the beginning of 2025, according...

Maine Attorney General Recovers Thousands in Crypto Scam Case

The Maine Attorney General's Office has recovered thousands of dollars for a victim of...

Coinbase Shares Hit Highest Level Since 2021 Nasdaq Debut

Coinbase stock reached its highest price since its 2021 listing, nearly returning to debut...

Must Read

Forex Trading Vs Crypto Trading: Which One Should You Choose?

So you're trying to decide between two types of trading: Forex and cryptocurrency.Forex trading is the big player in the trading world, with lots...