Worksport Adopts Cryptocurrencies Bitcoin & XRP for Corporate Treasury

Tonneau cover and truck accessory manufacturer Worksport Ltd. has updated its corporate treasury strategy by taking initial steps to adopt the cryptocurrencies BTC (Bitcoin) and XRP (Ripple).

Under the initial resolution, the Worksport Board of Directors has approved the purchase of up to $5 million in Bitcoin and XRP, limited to a maximum of 10% of excess operational cash, the company stated in a press release. The strategic move is intended to enhance transaction efficiency and underscores the company’s long-term belief in cryptocurrency as a store of value and a hedge against inflation, aligning with growing global acceptance and institutional adoption.

“Our upcoming adoption of Bitcoin (BTC) and XRP (Ripple) reflects our commitment to staying ahead of market trends while prioritizing operational efficiency and shareholder value. As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement” said Steven Rossi, chief executive officer of Worksport Ltd.

The total allocation for cryptocurrency investments will be up to a maximum of $5 million, which may be adjusted through future board resolutions, the release noted. Worksport will strategically size its holdings based on prevailing market conditions to optimize asset performance.

AS part of the plan, the company will commit up to 10% of any excess cash from operations to purchase BTC (Bitcoin) and XRP (Ripple). Worksport will also accept cryptocurrency payments on its e-ecommerce platform, www.worksport.com, enhancing customer convenience and expanding its payment options.

Cryptocurrency transactions are expected to cost the company up to 37% less in transaction processing fees, the release stated.

“As Bitcoin and XRP continue to gain investor attention and acceptance as major asset classes, we believe they may serve as strong treasury reserve assets. Their inflation-resistant characteristics make them increasingly reliable stores of value,” Rossi added. “By strategically allocating a portion of our treasury to these digital assets and accepting crypto payments, we’re enhancing our financial strategy and aligning ourselves with the future of global finance. With our core business growing rapidly and new products launching soon, diversifying our treasury complements our strong projected growth. We believe this move will strengthen our balance sheet and provide long-term value to our shareholders.”