Tesla Supplier Worksport Incorporates Bitcoin (BTC) and XRP Into Treasury

Highlights

Worksport announced its cryptocurrency strategy with a six-figure investment in Bitcoin (BTC) and XRP.
The announcement pushed the WKSP stock up by 4% shooting past $1.0.
To safeguard its crypto reserves, Worksport has partnered with Coinbase.
Tesla's Bitcoin holdings soared to $1.076 billion by the end of 2024.

Worksport, a clean energy solutions auto tech firm and Tesla supplier, has revealed plans to incorporate Bitcoin (BTC) and XRP into its company reserves. The decision reflects growing global trends, with Bitcoin gaining traction as a corporate treasury asset.

Worksport Commits to Long-Term Bitcoin Holding

This week, Worksport announced its first six-figure investment in Bitcoin (BTC) and Ripple (XRP) while signaling its long-term commitment. Additionally, 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 Custodian

In order to keep its crypto reserves safe, Worksport has chosen Coinbase as its crypto custodian. The firm highlighted Coinbase’s strong regulatory compliance, advanced security protocols, and insurance-backed custody solutions as key factors in selecting the platform.

CEO Steven Rossi said that having a top-tier crypto custodian is similar to partnering with a top-tier bank. Furthermore, Coinbase also serves as a custodian to some of the top financial institutions like BlackRock and manages nearly 90% of all Bitcoin ETFs.

This treasury update aligns with Worksport’s broader growth strategy, which includes plans for a significant revenue increase in 2025. Moreover, this collaboration will also simplify Worksport’s entry into the cryptocurrency market, furthering its strategic objectives, stated the company.

Tesla’s Q4 Bitcoin Holding Valuation Soars

Tesla ended 2024 with its Bitcoin holdings valued at $1.076 billion, a sharp rise from $184 million reported in previous quarters. The adjustment contributed an additional $600 million to Tesla’s GAAP revenue, bringing the total to $2.3 billion. As a result, Tesla stock gained more than 4% in the after-hours on Wednesday.

As of press time, the Bitcoin price is trading 3% up at $105,359 with a market cap of $2.087 trillion. For a new rally to all-time highs, Bitcoin first needs to break past the $106K resistance. The daily trading volume is also up by 22% surging past $52 billion.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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