XRP’s recent price surge has caught the attention of institutional investors, with Worksport and The BC Bud Co. announcing plans to include the token in their treasury strategies.
Typically, corporate investments in the crypto space have focused on Bitcoin, following the lead of companies like MicroStrategy. However, XRP’s remarkable 300% surge in the past month has propelled it into the top three digital assets by market capitalization.
Industry experts suggest that this surge has piqued the interest of smaller firms looking to capitalize on the momentum surrounding XRP.
Worksport Eyes $5 Million Bitcoin and XRP Allocation
Worksport, a Nasdaq-listed manufacturer of truck covers, revealed on December 5 its intention to diversify its treasury by investing up to $5 million in Bitcoin and XRP.
The company plans to allocate 10% of its surplus operational cash to these digital assets as a hedge against inflation and to enhance its financial strategy.
In addition, Worksport will start accepting crypto payments on its e-commerce platform, expecting to reduce transaction costs by up to 37%. The company also aims to reinvest interest earned from money market accounts into Bitcoin and XRP, while considering future capital allocations to build long-term crypto reserves.
CEO Steven Rossi believes that Bitcoin and XRP are resilient assets that are well-suited for a modern treasury approach. He emphasized their potential to preserve value and serve as tools for financial innovation.
The BC Bud Co. Invests in XRP
Canadian cannabis company The BC Bud Co. announced a CAD 250,000 investment in XRP using cash reserves held in Canadian accounts, equivalent to $178,000. This move is part of the company’s strategy to maximize shareholder value by gaining exposure to emerging financial assets.
CEO Brayden Sutton cited XRP’s recent legal and market advancements as reasons for the company’s investment. He pointed to the growing global interest in XRP exchange-traded funds (ETFs) and the overall pro-crypto sentiment in the political landscape as factors that make XRP an attractive investment.
Sutton also highlighted XRP’s potential to align with evolving financial trends and drive long-term returns for shareholders.
As XRP continues to gain traction in the market, more companies are exploring ways to integrate the token into their financial strategies, signaling a growing acceptance of digital assets in the corporate world.