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EV charging firm Nuvve has announced that it will undertake a Bitcoin buy. According to the Nasdaq-listed firm’s accouchement, the Board of Directors of Nuvve Holding Corp. (Nasdaq: NVVE), has authorized Bitcoin (BTC) as a principal asset in the firm’s treasury management program.
The move comes at a time when the acceptance of Bitcoin has skyrocketed especially after the victory of Donald Trump in the presidential elections.
Nuvve to Spend 30% of Excess Cash on Bitcoin
According to the announcement, up to 30% of Nuvve’s surplus funds, which are determined by estimating its running costs for the next six months, will go toward buying Bitcoin.
Market conditions and the company’s operational cash needs, particularly its intended development strategy further into the V2G sector, will be among the factors influencing this Bitcoin allocation.
The company’s treasury holdings will diversify as a result of Bitcoin adoption.
Also Read: Czech Central Bank Considers 5% Bitcoin Allocation From €140B Reserves
Nuvve’s Bitcoin Purchase Comes as a Future Payment Option
As part of its primary objective to advance grid electrification via innovation, Nuvve wants to make Bitcoin a payment option for its suppliers and customers. This project supports the goal, since Bitcoin’s use as a payment method has grown significantly over the years.
“Nuvve is geared to help modernize the grid, supporting utilities to keep the cost of energy equitable by supplying more efficient fleet-to-grid solutions and more generally multi-purpose energy storage to deliver peak power when needed,” said Gregory Poilasne, CEO and Founder of Nuvve.
They add, “BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies.”
Nuvve’s Move Stays in Tandem With Other Market Participants
Nuvve’s decision to keep Bitcoin as a part of the firm’s treasury comes at a time when global governments, firms, and individual investors alike have taken the same route.
A good example of this is Utah, which is making significant progress toward statewide bitcoin adoption. A law that permits the investment of public funds in digital assets has been approved by a House committee in the region.
States are proceeding with their own plans for Bitcoin reserves, while the U.S. presidential crypto committee continues to debate a national policy.
Even firms like Metaplanet and Microstrategy are aggressively minting Bitcoin money and buying the asset to keep as a safe reserve.
These actions demonstrate the confidence of all market participants alike in the future growth of Bitcoin, signifying the token’s potential.