Solidion Technology, a U.S.-based battery materials provider, has committed to allocating more than half of its excess cash reserves to Bitcoin (BTC)
Battery tech firm Solidion to allocate 60% of excess cash reserves to Bitcoin
U.S.-based battery materials provider Solidion Technology (OTC: SLDB) has committed to allocating more than half of its excess cash reserves to Bitcoin (BTC) purchases as part of its new corporate treasury strategy.
Solidion will direct 60% of any excess cash from operations into Bitcoin acquisitions and convert interest earnings from money market accounts into the cryptocurrency, the company said in a Nov. 14 press release. A portion of future capital raises will also be dedicated to Bitcoin purchases.
The strategy reflects Solidion's "long-term belief in Bitcoin’s role as a store of value and a strategic asset," according to the company.
"The allocation reflects a strong commitment to enhancing shareholder value by leveraging Bitcoin’s potential as a hedge against inflation and as a valuable component of a diversified treasury."
Solidion TechnologySolidion, which is headquartered in Dallas, produces high-capacity silicon anode materials and other advanced battery technologies for the automotive and energy storage sectors. The company has a portfolio of over 550 patents.
After the announcement, Solidion's shares fell nearly 8% to $0.35, according to Nasdaq data.
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