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Nuvve Embraces Bitcoin: A Nasdaq Company's Bold Crypto Move

Coin WorldWednesday, Jan 29, 2025 3:37 am ET

1min read

Nuvve Holdings Corp., a Nasdaq-listed company, has made headlines with its decision to embrace Bitcoin. The company's board recently approved a proposal to include BTC in its treasury management program, aligning with the growing trend of corporate crypto adoption.

In a significant move, Nuvve announced on January 28 that it would allocate at least 30% of its excess cash to purchase BTC tokens. The company plans to calculate this allocation based on its estimated six-month operating expenses. This strategic decision aims to diversify Nuvve's treasury holdings and prepare for digital payments, as the company also plans to accept BTC as a payment option for its customers and suppliers.

Nuvve's Founder and CEO, Gregory Poilasne, stated that the BTC adoption move would provide more payment options for customers and suppliers, potentially reducing transactional friction inherent to digital currencies. This announcement comes at a time when institutional interest in Bitcoin continues to grow, and Nuvve's decision may inspire similar moves across various industries.

At the start of this year, Nuvve's stock price was at $3.13, reaching a peak of $4 on the second trading day. However, the market experienced a correction between January 6 and 14, dropping by around 32.55%. Although buyers pushed the price to $3.25 on January 21, the market has not yet fully recovered. Yesterday, the market reached as high as $4.39, and it now stands at $2.81.

Meanwhile, in the last 24 hours, the Bitcoin market has seen a growth of 0.1%, despite the entire crypto market experiencing a fall of 2.3%. Nuvve's Bitcoin adoption marks another step in corporate crypto integration, with the company aiming to diversify its holdings while preparing for digital payments. As Bitcoin continues to gain institutional interest, Nuvve's decision may inspire similar moves across industries.

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