Electric vehicle charging solutions provider Nuvve will invest 30% of its free funds in bitcoin
Since going public, the company’s share price has fallen by more than 99%
29.01.2025 - 14:20
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What’s new? California-based clean energy electric vehicle charging technology developer Nuvve has announced its intention to create a bitcoin reserve. In a January 28 press release, the company, listed on the Nasdaq exchange under the ticker NVVE, said it would set aside up to 30% of its excess cash to buy the first cryptocurrency, based on estimated six-month operating expenses.
What else is known? Nuvve said bitcoin will diversify its treasury holdings and contribute to one of its goals: accepting payment in BTC.
“BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies,” said Nuvve founder and CEO Gregory Poilasne.
Nuvve, which provides charging stations for electric vehicles that can sell excess energy back to the grid and other energy storage solutions, joins a growing list of non-cryptocurrency public companies buying bitcoin to bolster their coffers and share price as the cryptocurrency has surged by 150% over the past year.
According to Bitcoin Treasuries, 62 public companies own 618 615 bitcoins totaling more than $62,6 billion.
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Since going public in May 2020, NVVE shares have fallen in price by 99,93% and are currently trading at $2,81, having added 1,8% overnight on the back of the announcement. In January 2021, the security hit a record high above $7300.
Nuvve reported Q3 2024 revenue of $1,92 million, down 29,3% year-over-year. The company’s Q3 report showed that it has $325 425 in cash on hand. If it decided to use 30% of that to buy bitcoin now, it could buy just under 1 BTC at the current rate above $101 800.
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