Worksport Commits to Long-Term Bitcoin and XRP Holding

Worksport, a clean energy solutions auto tech company and a Tesla supplier, has announced plans to add Bitcoin (BTC) and XRP cryptocurrencies as part of the company reserves.

Electric vehicle auto tech company Worksport Inc. (OTCQB: WKSP) has announced plans to add Bitcoin (BTC) and XRP cryptocurrencies to the company’s reserves, part of global developments as BTC continues to make inroads into corporate treasury.

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Worksport Commits to Long-Term Bitcoin HoldingThis week, Worksport (WKSP) announced its first six-figure investment in Bitcoin (BTC) and Ripple (XRP), signaling a long-term commitment. The company also plans to expand its holdings as excess cash reserves grow, aligning with the Bitcoin and XRP treasury strategy. This strategy dedicates a portion of the company’s cash reserves to BTC and XRP investments.

The announcement pushed the WKSP stock up by 4%, above $1.0 on Wednesday, with an additional 2% gain after market hours.

Following its initial acquisition, Worksport stated that it would closely monitor regulatory developments under the Trump administration, as it plans to expand its portfolio further.

Moreover, the auto tech firm is playing smart by betting on both – Bitcoin and XRP – amid the ongoing debate on crypto reserves.

The company also plans to integrate cryptocurrency payment options on Worksport.com. This initiative will provide customers with greater flexibility while aligning with the company’s broader goal of using blockchain and digital assets to boost operational efficiency.

Speaking on the development, Worksport Chief Executive Officer Steven Rossi, said:

"Our business has been growing rapidly, with revenues up and margins steadily improving. We believe our strategic treasury plan is a low-risk approach to hedge inflation and potentially benefit from increasing regulatory clarity around cryptocurrencies. We hold a long-term view on our current BTC and XRP holdings."

Coinbase Will Be The Crypto CustodianAs part of its treasury strategy, Worksport will be working closely with Coinbase Custody, a leading crypto custodian service. Coinbase will handle the safekeeping and administration of the company’s Bitcoin and XRP holdings.

"We are excited to work with Coinbase Custody to ensure the highest level of security for our cryptocurrency assets. Their experience and capabilities in this domain will be invaluable to us as we continue to grow our crypto reserves," added Rossi.

Worksport recently announced the launch of its all-electric Terravis van, targeting the commercial last-mile delivery segment. The van is expected to hit the roads in Q3 2021, and the company is already accepting pre-orders for the Terravis.

Worksport is also gearing up for the launch of its all-electric medium-duty pickup truck, the W150, in Q4 2021. The pickup is designed to cater to the growing demand for electric work trucks in the U.S. market.

With a strong focus on e-commerce and last-mile delivery, Worksport is optimistic about capitalizing on the rapidly expanding markets for both segments. The company’s strategic treasury plan and initiatives to integrate crypto payments on its website are expected to further enhance its operational efficiency and customer experience.