Clean energy electric vehicle charging tech firm Nuvve has said it will begin to buy Bitcoin by putting aside nearly a third of its spare cash.

The Nasdaq-listed company said in a Jan. 28 press release that it would “allocate up to 30% of its excess cash, calculated based on its estimated six-month operating expenses” toward buying Bitcoin

Electric vehicle charging technology firm Nuvve has announced plans to begin purchasing Bitcoin (BTC) with a portion of its excess cash.

According to a Jan. 28 press release, the Nasdaq-listed company will “allocate up to 30% of its excess cash, calculated based on its estimated six-month operating expenses,” toward buying Bitcoin.

Nuvve’s treasury currently holds cash, cash equivalents and short-term investments, and the firm said adding Bitcoin will diversify its holdings. The move also aligns with Nuvve’s goal of offering a Bitcoin payment option to its customers, the announcement noted.

“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 EVs that can sell excess energy back to the grid and other energy storage solutions, joins a growing list of non-crypto publicly traded companies buying Bitcoin. Firms are purchasing the cryptocurrency to bolster their treasury and share price, especially as BTC has gained over 150% over the last year.

Shares in Nuvve (NVVE) closed up by 1.81% to $2.81 on Jan. 28 — down from a daily high of over $4. However, its stock climbed 1.42% after hours to $2.85, per Google Finance.

NVVE’s change in share price on Jan. 28 Source: Google Finance

Nuvve’s share price is down 99.93% from its all-time high of $8,000 in January 2021, and its stock is down 10% so far this month.

The California-based firm brought in $1.92 million in revenue in the third quarter of 2024, a 29.3% fall from the previous quarter.

The firm’s third-quarter statement showed that it held $325,425 in cash and, if it decided to use 30% of it to buy Bitcoin today, could buy just under 1 BTC at its current trading price of $101,522.

Related: Trump’s crypto agenda included memecoins, SEC task force and Bitcoin reserve plans

According to Bitcoin Treasuries, there are 62 public companies that collectively hold 618,615 BTC, currently valued at over $62.6 billion.

Business software firm MicroStrategy remains the largest corporate Bitcoin holder by far, with 471,107 Bitcoin, while the world’s largest electric vehicle firm, Tesla, owns 9,720 Bitcoin.

The 15 largest public companies by Bitcoin holdings. Source: Bitcoin Treasuries

Bitcoin is down 0.7% over the last 24 hours, trading at $101,460, according to CoinGecko.