Czech Bank Considers $7.3B Bitcoin Bet; Nuvve to Allocate 30% of Cash to BTC

The Czech National Bank is considering allocating up to 5% of its reserves to Bitcoin as part of a diversification strategy. This move, if approved, could see the bank acquire BTC worth around $7.3 billion. The proposal comes amid growing interest in strategic Bitcoin reserves from other states.

Nuvve Holdings Corp., a Nasdaq-listed company, has also announced its intention to embrace Bitcoin. The board of the company has approved a proposal to include BTC in its treasury management program. The company plans to allocate at least 30% of its excess cash for the purpose of purchasing BTC tokens, with the calculation based on its estimated six-month operating expenses.

In a statement, Nuvve Founder and CEO Gregory Poilasne said that the BTC adoption move would provide more payment options for customers and suppliers. The company aims to diversify its treasury holdings and prepare for digital payments. Nuvve's stock price has seen fluctuations this year, with the market reaching as high as $4.39 yesterday. Meanwhile, the Bitcoin market has seen a growth of 0.1% in the last 24 hours.

Czech Central Bank Governor Ales Michl has announced plans to present a Bitcoin investment plan to the board on Thursday. If approved, the apex bank could diversify 5% of its $146.13 billion reserves into the leading cryptocurrency by market value. Michl pointed to broader investor interest in the cryptocurrency since BlackRock and others debuted spot ETFs a year ago.

Green energy tech firm Nuvve has also revealed plans to allocate 30% of its excess cash to Bitcoin. The company specializes in vehicle-to-grid technology and aims to promote grid electrification through innovation. By adding BTC to its treasury, Nuvve appears to be following the path of other public companies that have turned to Bitcoin for diversification.

The Governor of the Czech National Bank has indicated a potential investment in Bitcoin as part of the country's management of its substantial foreign exchange reserves. According to a recent report by the Financial Times, the Czech Republic could allocate up to 5% of its impressive €140 billion reserves into Bitcoin, pending necessary approvals. This strategic maneuver highlights a growing trend among national banks to diversify their asset holdings amidst evolving economic landscapes.