American battery component maker Solidion Technology has announced plans to convert 60% of its cash reserves into Bitcoin. The company explained the decision by the token’s resistance to inflation and the desire to diversify assets.
Author:
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According to Solidion, the company also plans to allocate a portion of the funds raised in future financing rounds to purchase cryptocurrencies. The strategy emphasizes “long-term confidence in Bitcoin’s role as a store of value and strategic asset,” according to the statement.
“We strongly believe in Bitcoin’s potential to transform the financial system and see it as a secure store of value and an attractive investment,” said Solidion CFO Vlad Prantsevich. The senior manager added that he is confident in the future of Bitcoin as a reserve asset for states and large companies.
Following the announcement, the company’s Nasdaq-listed shares rose 48% and hit a daily high of $0.52. At the time of this publication (20:26 Moscow time), Solidion shares were trading at $0.437, up 24.8% from the previous close.
Solidion Technology produces components and materials for batteries, including those used in electric vehicles. The company owns a factory in Dayton, Ohio, and has more than 550 patents for innovative technologies in the energy and chemical fields, according to the release.
Solidion is not the first American company to invest in Bitcoin. Previously, software developer MicroStrategy announced the purchase of an additional 27.2 thousand tokens worth $2.03 billion. The price of all the bitcoins the company owns is more than $23 billion.
Author:
Mikhail Zelenin
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
