XRP Price Soars 300%, Leading to Changes in Corporate Treasury Approaches
XRP has been making headlines with a remarkable 300% surge in value recently, catching the attention of big corporations. While Bitcoin and Ethereum usually steal the show in the corporate finance world, Worksport and BC Bud Co have made some exciting announcements that have put XRP in the spotlight.
Worksport, a NASDAQ-listed company known for its innovative energy solutions, revealed its plan to invest up to US$5 million in Bitcoin and XRP. This decision came from their belief in crypto as a long-term store of value and protection against inflation. Aligning with their optimistic view on the future of cryptocurrency, Worksport also intends to accept crypto payments on its e-commerce platform and explore converting cash interest into crypto.
On the other hand, The BC Bud Co., a Vancouver-based cannabis company, is taking a bullish stance on XRP. They recently announced a CA$250,000 investment in XRP, emphasizing the cryptocurrency’s legal clarity and market popularity. This initial investment is just the beginning for The BC Bud Co., with plans to make more purchases in December 2024 and January 2025.
Brayden Sutton, the CEO of The BC Bud Co., pointed out the reasons behind their confidence in XRP. He highlighted Ripple’s progress in legal and market legitimacy, mentioning the multiple global asset managers seeking regulatory approval for Spot XRP exchange-traded funds. Sutton believes that Ripple offers a unique opportunity to align with emerging financial trends and create long-term value for shareholders.
XRP’s value surge has been impressive, jumping from US$0.54 to US$2.51 in just a month, with a market cap of US$143.6 billion, securing the third position behind Bitcoin and Ethereum. With growing institutional interest and corporate investments like those from Worksport and The BC Bud Co., XRP is definitely making a mark in the cryptocurrency space.
