Worksport (NASDAQ: KWSP) Buys BTC and XRP as Part of ‘Proactive Crypto Strategy’

Key takeaways

• Worksport has made an initial six-figure purchase of Bitcoin and XRP as part of its cryptocurrency treasury strategy.
• The company plans to expand its crypto holdings and integrate cryptocurrency payment options on its website.
• Worksport projects revenue growth, product launches, and cash flow positivity in 2025, supporting its long-term crypto investment approach.

Worksport adopts crypto investment strategy amid business growth

Worksport (NASDAQ: WKSP), a U.S.-based manufacturer specializing in hybrid and clean energy solutions for light truck and consumer goods sectors, has announced its first purchase of Bitcoin (BTC) and XRP (XRP) as part of a newly established cryptocurrency treasury strategy. The company expects strong revenue growth, new product launches, and a move toward cash flow positivity in 2025, positioning its crypto investment approach as a strategic hedge against inflation.

This week, Worksport completed an initial six-figure investment in BTC and XRP. The company has a long-term perspective on these holdings and plans to expand its position as excess cash reserves increase. This initiative follows Worksport’s December 2024 announcement of its Bitcoin and XRP Treasury Strategy, which outlined plans to allocate a portion of surplus cash to these digital assets.

CEO Steven Rossi emphasized the rationale behind the move, stating:

“Our business has been growing rapidly, with revenues up and margins steadily improving. We believe our strategic treasury plan is a low-risk approach to hedge inflation and potentially benefit from increasing regulatory clarity around cryptocurrencies. We hold a long-term view on our current BTC and XRP holdings.”

In a sense, Worksport follows in the footsteps of MicroStrategy, another public company that is heavily invested in Bitcoin. In fact, the company’s CEO, Micheal Saylor, recently announced that the company bought $ 1.1 billion worth of BTC, which brought the total value of its BTC stash to $30 billion. Saylor also noted that he believes Bitcoin will reach $180,000 before retreating to $140,000. Meanwhile, Bitcoin CEO Brian Armstrong is even more bullish, having recently said that BTC will reach “multiple millions” in the future.

In addition to its treasury investments, Worksport is working toward integrating cryptocurrency payment options on its website, enabling customers worldwide to transact with lower fees and increased flexibility. This aligns with the company’s broader vision of leveraging blockchain technology to enhance operational efficiency.

The price of WKSP has seen significant growth during Monday’s trading hours, with the stock gaining about 12% and reaching $0.99. The growth trend could continue according to our WKSP price prediction – the algorithm expects a 19.2% rise over the next 30 days.