Worksport ($WKSP) Initiates Bitcoin (BTC) & Ripple (XRP) Purchases as Part of Strategic Move to Hedge Inflation and Embrace Cryptocurrency Adoption
Following Business Growth, Company Initiates Purchases and Shares Long-Term View
West Seneca, New York, January 29, 2025 — Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is pleased to announce it has made initial purchases of Bitcoin (BTC) and Ripple (XRP) as part of a newly established cryptocurrency treasury strategy. Projecting revenue growth, the release of three (3) new products, and approaching cash flow positivity, all within 2025, the Company’s proactive crypto strategy is positioned as a timely complement to global transformations.
A Proactive Treasury Approach
This week, Worksport has made its initial six-figure purchase of Bitcoin (BTC) and Ripple (XRP). The Company currently holds a long-term view on this investment and anticipates opportunistically adding to this position as excess cash grows. This strategic move aligns with Worksport’s Bitcoin and XRP Treasury Strategy announced on December 5, 2024, wherein the Company committed to a strategy of investing a portion of its excess cash reserves in BTC and XRP.
With its initial BTC and XRP holdings secured, the Company aims to continually bolster its cryptocurrency strategy, while keeping an eye on regulatory movements under the new Trump administration. Worksport also plans to integrate cryptocurrency payment options on Worksport.com, allowing customers worldwide to benefit from lower transaction fees and an expanded range of payment methods. This initiative aligns with the Company’s broader vision of leveraging blockchain and digital assets to enhance operational efficiency. Read Worksport’s cryptocurrency treasury strategy: [Here]
Worksport Chief Executive Officer, Steven Rossi, comments: “Our business has been growing rapidly, with revenues up and margins steadily improving. We believe our strategic treasury plan is a low-risk approach to hedge inflation and potentially benefit from increasing regulatory clarity around cryptocurrencies. We hold a long-term view on our current BTC and XRP holdings.”
This treasury update follows Worksport’s ongoing business growth initiatives. Read more on Worksport’s Growing Business, here: https://investors.worksport.com.
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