Worksport, a US-listed auto parts company, announced plans to invest $5 million in Bitcoin and XRP as part of its strategy to diversify its holdings and improve transaction efficiency.
The move reflects the company’s belief in crypto assets as a long-term store of value and hedge against inflation, according to the statement, in line with global institutional adoption trends.
Worksport to Accept Crypto Asset Payments
The company outlined its intention to allocate up to 10% of its excess operating cash to crypto investments. The initial phase of the strategy will see the purchase of $5 million in Bitcoin and XRP.
Following the announcement, Worksport (WKSP) shares rose more than 6% on December 5. The company’s shares have been on a losing streak for the year, down more than 50% this year.
