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Nuvve, a Californian tech firm that specializes in vehicle-to-grid (V2G) technology, has made a strategic move to diversify its treasury holdings by investing in Bitcoin. In a January 28 press release, the company announced that it would allocate up to 30% of its excess cash — based on estimated six-month operating expenses — into Bitcoin (BTC). The actual amount of Bitcoin purchased will depend on market conditions and the company’s financial needs.
This decision comes as part of Nuvve’s broader plan to embrace Bitcoin not only as a treasury asset but also as a method of payment. Nuvve aims to allow its customers and suppliers to pay in Bitcoin, aligning with its mission to promote grid electrification through innovation. The company sees this as a way to enhance payment flexibility and reduce the transactional friction typically associated with traditional payment methods. CEO Gregory Poilasne stated that accepting Bitcoin would create more payment options for their stakeholders.
Founded in 2010, Nuvve’s core focus is on enabling electric vehicles (EVs) to share power with the grid, helping improve energy efficiency and support the transition to greener technologies. While the company did not specify how much Bitcoin it plans to hold long-term or when it will start buying BTC, this move signals its commitment to staying at the forefront of technological and financial innovation.
Following the announcement, Nuvve’s shares (NVVE) saw a modest increase of 1.42%, reaching $2.85 in pre-market trading.
By allocating part of its treasury to Bitcoin, Nuvve joins the ranks of other publicly traded companies that have incorporated Bitcoin into their balance sheets for diversification and as a store of value. For instance, Oxbridge Re Holdings Limited, a reinsurance and tokenized asset firm, also revealed in January that it had added Bitcoin and Ethereum to its reserves.
Nuvve’s move to invest in Bitcoin reflects a broader trend of companies exploring digital assets as a means to diversify their financial strategies, especially amid growing institutional adoption of cryptocurrencies.
