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Nuvve Holdings Corp., a Nasdaq-listed company, is preparing to embrace Bitcoin. A recent report revealed that the board of the company has approved the proposal to include BTC in its treasury management program. Interestingly, the announcement has come at a time when corporate crypto adoption is regarded as one of the sensational topics. Read on for all the details.
Nuvve Adds Bitcoin to its Treasury
It was on January 28 that the global leader in vehicle-to-grid technology announced its decision to include BTC in its treasury. Experts believe that BTC adoption would enable the company to diversify its treasury holdings. Notably, the movie aligns perfectly with the company’s plan to allow BTC as a payment option for its customers and suppliers.
In a statement given to media outlets, Nuvve Founder and CEO Gregory Poilasne stated that the BTC adoption move would provide more payment options for customers and suppliers.
Nuvve’s 30% of Excess Cash to Go into Bitcoin
According to reports, the company is planning to allocate at least 30% of its excess cash for the purpose of purchasing BTC tokens. Sources familiar with the development suggest that for the calculation purpose, the company plans to consider its estimated six-month operating expenses.
Nuvve Market Performance Analysis
At the start of this year, the Nuvve stock price was at $3.13. On the second trading day, the market touched a peak of $4. Between January 6 and 14, the market dropped by around 32.55%. Though on January 21, buyers pushed the price to $3.25, the market has not yet fully recovered from the correction. Notably, yesterday, at one point, the market reached as high as $4.39. The market now stands at $2.81.
Meanwhile, in the last 24 hours, the Bitcoin market has seen a growth of 0.1%, even though the entire crypto market has experienced a fall of 2.3%.
Nuvve’s Bitcoin adoption marks another step in corporate crypto integration. With 30% of excess cash allocated for BTC, the company aims 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.