Worksport has disclosed that it has incorporated Bitcoin and XRP into its treasury reserve to maintain them for an extended period.
Worksport, a clean energy solutions auto tech company and Tesla supplier, has disclosed its intention to incorporate Bitcoin (BTC) and XRP cryptocurrencies into its reserves. The company stated that this decision is a component of global developments as BTC continues to establish itself as a corporate treasury solution.
Worksport Agrees to Maintain a Long-Term Bitcoin Holding
Worksport signaled its long-term commitment by announcing its initial six-figure investment in Ripple (XRP) and Bitcoin (BTC) this week. Through the Bitcoin and XRP treasury strategy, the company intends to increase its holdings as excess cash reserves increase. This approach allocates a portion of the organization’s cash reserves to investments in Bitcoin and XRP.
The WKSP stock rose by 4%, surpassing $1.0 on Wednesday following the announcement, and an additional 2% increase after market hours.
Worksport announced its intention to closely monitor regulatory developments under the Trump administration to expand its portfolio following its initial acquisition. Additionally, the auto technology company is employing a strategic approach by placing bets on Bitcoin and XRP in the ongoing discussion regarding crypto reserves.
Additionally, the organization intends to incorporate cryptocurrency payment options into Worksport.com. This initiative will enhance operational efficiency by supporting the company’s overarching objective of utilizing blockchain and digital assets to increase customers’ flexibility. Steven Rossi, the Chief Executive Officer of Worksport, commented on the development:
“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 serve as the cryptocurrency custodian
Worksport has selected Coinbase as its crypto custodian to ensure the security of its crypto reserves. The firm highlighted Coinbase’s advanced security protocols, substantial regulatory compliance, and insurance-backed custody solutions as critical factors in selecting the platform.
CEO Steven Rossi stated that collaborating with a top-tier bank is comparable to having a top-tier crypto custodian. Additionally, Coinbase manages nearly 90% of all Bitcoin ETFs and serves as a custodian for some of the most prominent financial institutions, including BlackRock.
Worksport’s broader growth strategy, encompassing an anticipated substantial revenue increase in 2025, is consistent with this treasury update. Additionally, the company stated that this partnership will facilitate Worksport’s entry into the cryptocurrency market, advancing its strategic objectives.
Tesla’s valuation of its bitcoin holdings in the fourth quarter has increased significantly
Tesla’s Bitcoin holdings were valued at $1.076 billion at the end of 2024, a significant increase from the $184 million reported in previous quarters. Tesla’s GAAP revenue increased by $600 million due to the adjustment, bringing the total to $2.3 billion. This led to a more than 4% increase in Tesla stock during the after-hours trading session on Wednesday.
At the time of publication, the Bitcoin price is trading at $105,359, representing a 3% increase, with a market capitalization of $2.087 trillion. Bitcoin must initially surpass the $106K resistance levels to initiate a new rally to all-time highs. The daily trading volume has also increased by 22%, exceeding $52 billion.
