- Worksport plans to invest up to US$5 million in Bitcoin and XRP, citing crypto’s potential as a long-term store of value and inflation hedge.
- BC Bud Co will invest CA$250,000 in XRP, influenced by its legal clarity and market popularity, planning more purchases.
- These corporate investments reflect growing confidence in XRP, which has surged 300% in value, climbing to third in market cap.
XRP’s astonishing surge in price over the past few weeks is gaining institutional interest. While it’s usually Bitcoin and Ethereum that get most of the attention when corporate financial decisions are involved, two recent announcements have caused excitement in the XRP community.
Worksport Believes in Long-Term Success of Crypto
NASDAQ-listed Worksport (WKSP) last week announced that it would include crypto in its corporate treasury. The company said in a statement that it plans to initially add up to US$5 million (AU$7.8 million) in Bitcoin and XRP to its portfolio.
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Under the initial resolution of this strategy, 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.
WorksportWorksport is a manufacturer and “innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors”.
They added that the allocation to these two crypto assets aligns with their long-term view of crypto’s success as a “store of value and a hedge against inflation”, fuelled by increasing global adoption.
The company will also allow crypto payments on their e-commerce platform and potentially convert interest earned on cash into crypto and raise further capital in the future to allocate to both assets.
BC Bud Co Announces $250k XRP Investment
The other notable corporate XRP-bull is Vancouver, Canada-based cannabis company The BC Bud Co., which just announced it would add XRP to increase shareholder value. Their announcement focussed on XRP’s legal clarity and popularity, adding they would purchase CA$250,000 (AU$276,000) worth of XRP.
It’s likely The BC Bud Co. will be adding more XRP as this marks a first step for them, with purchases being made in December 2024 and January 2025.
Brayden Sutton, CEO of The BC Bud Co., highlighted why they are so bullish on the third largest cryptocurrency:
Ripple’s recent advancements in both legal and market legitimacy make it a compelling addition. With multiple global asset managers filing proposals with the U.S. Securities and Exchange Commission to introduce spot XRP exchange traded funds, and renewed optimism following pro-crypto policy expectations under Donald Trump’s administration, we believe Ripple presents a unique opportunity to align with emerging financial trends and create long-term value for our shareholders.
Brayden Sutton, CEO of The BC Bud Co.There are currently four applications for a Spot XRP exchange-traded fund (ETF) awaiting regulatory approval, with Bitwise, Canary, 21Shares and Wisdomtree looking to benefit from XRP’s legal clarity.
Related: New AUSTRAC Task Force to Combat Crypto ATM Use in Money Laundering
XRP has gained over 300% in the past month, going from just US$0.54 (AU$0.84) on 10 November to US$2.51 (AU$3.92) at the time of writing. XRP’s market cap has soared to US$143.6 billion (AU$224.5 billion), rising to third spot, just behind Bitcoin and Ethereum.
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