Smaller public companies are taking a leaf out of MicroStrategy’s radical playbook by adopting a Bitcoin treasury strategy. And one is even adding in the Ripple-linked XRP, too.

The latest is auto firm Worksport, which trades on the Nasdaq (NASDAQ: WKSP) and sells tonneau covers for pickup trucks. The New York-based company announced Thursday that it was in the process of spending $5 million on Bitcoin and XRP.

Worksport said it would commit up to 10% of any future excess cash to buy the cryptocurrencies in the future. It added that it would also accept cryptocurrency for payments on its website.

“As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement,” Worksport CEO Steven Rossi said in the statement. 

The firm added that the buy would increase returns for shareholders and work as an inflation hedge. Worksport’s stock price is up about 9% on the day, following the announcement.

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Author: Mathew Di Salvo