Worksport Goes Crypto: Is This the Future or Just a Trendy Fad?

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Worksport, the clean energy superhero of the auto tech world and a proud Tesla supplier, has decided to throw some Bitcoin (BTC) and XRP into its treasure chest. Because, you know, why not add a little digital sparkle to your corporate reserves? 💰✨ Apparently, BTC is the new black in corporate treasury fashion. Who knew?

Worksport’s Long-Term Bitcoin Love Affair

This week, Worksport made its first six-figure investment in Bitcoin (BTC) and Ripple (XRP). That’s right, folks, they’re in it for the long haul! They’re planning to expand their crypto stash as their cash reserves grow, because nothing says “financial strategy” like betting on digital coins. 💸

And guess what? The announcement sent WKSP stock soaring by 4%—because nothing gets investors more excited than the word “Bitcoin.” It even gained an extra 2% after hours, which is like the cherry on top of a very confusing sundae. 🍒

After their initial crypto shopping spree, Worksport is keeping a close eye on regulatory developments under the Trump administration. Because if there’s one thing we know, it’s that regulations are as predictable as a cat on a Roomba. 🐱

Oh, and they’re also planning to let you pay with cryptocurrency on Worksport.com! Because who doesn’t want to buy clean energy solutions with digital coins? It’s like paying for your organic kale with Monopoly money. 🥬💳

“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.”

Coinbase: The Crypto Bodyguard

To keep their crypto treasures safe, Worksport has chosen Coinbase as their crypto custodian. Because if you’re going to play with digital money, you might as well have a bodyguard that’s more secure than a vault in Fort Knox. 🔒

CEO Steven Rossi likened having Coinbase as a custodian to partnering with a top-tier bank. You know, the kind that doesn’t just give you a lollipop for opening an account. 🍭

This treasury update is part of Worksport’s grand plan for world domination—err, I mean, significant revenue increase by 2025. They’re making it easier to dip their toes into the cryptocurrency pool, which is great, because who doesn’t want to swim with sharks? 🦈

Tesla’s Bitcoin Bonanza

Meanwhile, Tesla wrapped up 2024 with its Bitcoin holdings valued at a jaw-dropping $1.076 billion. That’s a massive jump from the measly $184 million they reported before. Talk about a glow-up! 💥

This little adjustment added an extra $600 million to Tesla’s GAAP revenue, bringing the grand total to $2.3 billion. As a result, Tesla stock gained more than 4% in after-hours trading. It’s like they found a secret stash of gold coins in their couch cushions! 🛋️💰

As of now, Bitcoin is trading up 3% at $105,359, with a market cap of $2.087 trillion. For Bitcoin to reach new heights, it needs to break past the $106K resistance. It’s like trying to get over that one hurdle in gym class that always trips you up. 🏃‍♂️💨

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2025-01-30 10:24