Worksport, a publicly listed auto parts company in the US, announced plans to invest $5 million in Bitcoin and XRP as part of a strategy to diversify its holdings and improve transaction efficiency. 

According to its statement, the move reflects the company’s confidence in cryptocurrency as a long-term store of value and a hedge against inflation, aligning with the global trend of institutional adoption.

Worksport Will Accept Crypto Payments

The company outlined its intent to allocate up to 10% of excess cash from operations toward crypto investments. The initial phase of this strategy will see a $5 million purchase of Bitcoin and XRP. 

Following the announcement, Worksport’s stock (WKSP) gained over 6% on December 5. The company’s stock has seen losses throughout the year, declining over 50% year-to-date.

“Our upcoming adoption of Bitcoin (BTC) and XRP (Ripple) reflects our commitment to staying ahead of market trends while prioritizing operational efficiency and shareholder value. As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement,” said Worksport’s CEO, Steven Rossi.

Beyond its treasury strategy, Worksport plans to integrate crypto payments into its e-commerce platform. By doing so, the company anticipates a 37% reduction in transaction costs, which could enhance operational efficiency.

Worksport, listed on Nasdaq since 2021, specializes in energy solutions for trucks, including tonneau covers with integrated mobile solar power systems. 

The firm also revealed plans to convert interest from mo

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Author: Mohammad Shahid