Nuvve Dives into Bitcoin: 30% of Excess Cash Allocated to BTC

Green energy tech firm Nuvve has announced a significant move in its treasury management strategy, allocating 30% of its excess cash to Bitcoin (BTC). The company, which specializes in vehicle-to-grid technology, aims to diversify its holdings and promote grid electrification through innovation.

In a press release issued on January 28, Nuvve revealed that its board has approved the proposal to include BTC as a primary treasury asset. The company plans to invest up to 30% of its excess cash, based on its estimated six-month operating expenses, into BTC. The actual amount of Bitcoin purchased will depend on market conditions and the company's business needs.

Nuvve's decision to accept BTC as payment for customers and suppliers is another key aspect of this strategy. The company believes that this move will promote more payment options for customers and suppliers, potentially reducing transactional friction inherent to digital currencies.

Nuvve, founded in 2010, specializes in vehicle-to-grid technology, allowing electric vehicles (EVs) to share power with the grid. The company did not specify the timeline for its initial Bitcoin purchases or its long-term holding plans. Following the announcement, Nuvve's shares NVVE rose 1.42% to $2.85 in pre-market trading.

Nuvve's decision to add BTC to its treasury aligns with other public companies that have turned to Bitcoin for diversification. For instance, Oxbridge Re Holdings Limited, a publicly listed reinsurance and tokenized asset firm, announced earlier in January that it added Bitcoin and Ethereum (ETH) to its treasury reserves as a store of value.