Worksport Adds Bitcoin and XRP to Treasury Strategy

Worksport Ltd., a Nasdaq-listed company specializing in manufacturing of truck accessories, announced adding Bitcoin (BTC) and XRP (Ripple) to its corporate treasury as part of a plan to diversify its financial holdings 

In a press release today, Worksport said it plans to allocate up to 10% of its operational cash – about $5 million to digital assets. According to CEO Steven Rossi, “Our upcoming adoption of Bitcoin (BTC) and XRP (Ripple) reflects our commitment to staying ahead of market trends while prioritizing operational efficiency and shareholder value.”

Worksport adopt crypto adoption | Source:  X

The company said it will start crypto payment on its e-commerce platform, therefore, cutting down transaction fees by up to 37% while offering customers a more convenient way to pay.

Also, interest earnings from its savings will be converted into Bitcoin and XRP, a plan of action for future funding to buy more. 

Rossi, who personally invested in XRP for years, shared his confidence in the digital asset during an interview. “XRP has been doing quite well recently, and it reaffirmed that these are early assets that really challenge central banking,” he said. While XRP has shown some volatility, Rossi believes it is stabilizing and will bring long-term value.

Meanwhile, Worksport’s recent financial performance has been strong. In the third quarter of 2024, the company made about $3.1 million in revenue, a massive 582% jump from $458,433 previous year. Now, adopting cryptocurrency might help the company improve this number next year.