Nuvve, a clean energy firm focused on electric vehicle (EV) charging technology, has announced plans to invest in Bitcoin by allocating nearly one-third of its surplus cash. The company stated that it intends to direct up to 30% of its excess funds, which are based on estimated operating expenses for the next six months, towards purchasing Bitcoin .
The company aims to diversify its treasury resources by incorporating Bitcoin into its financial strategy. This move is aligned with their goal of providing customers and suppliers with the option to make payments in Bitcoin , which could facilitate smoother transactions using digital currencies. Nuvve provides EV charging stations that can also sell excess energy back to the grid and is positioned among a growing number of publicly traded companies venturing into cryptocurrency acquisition as Bitcoin ’s value has surged by 150% over the past year.
As of January 28, Nuvve’s stock (NVVE) increased by 1.81%, settling at $2.81, despite experiencing a daily peak exceeding $4. After hours, the stock continued to show slight growth, reaching $2.85. However, the company’s share price remains significantly lower, down nearly 100% from its all-time high of $8,000 achieved in January 2021, and it has decreased by 10% in the current month.
In their latest financial report for the third quarter of 2024, Nuvve recorded $1.92 million in revenue, reflecting a decline of 29.3% from the prior quarter. The firm currently holds approximately $325,425 in cash, which, if 30% were allocated to Bitcoin at its current price near $101,522, would purchase just under 1 BTC.
Currently, Bitcoin holdings by public companies collectively amount to around 618,615 BTC, valued over $62.6 billion, with MicroStrategy being the largest corporate holder. Tesla also maintains a substantial Bitcoin reserve of 9,720 BTC. Meanwhile, Bitcoin has experienced a slight decline of 0.7% in the past 24 hours, according to CoinMarketCap data.
