Jiva Technologies, a Canadian wellness and plant-based e-commerce company, has announced its intention to invest up to $1 million in Bitcoin as part of its corporate treasury strategy. The investment plan was approved by the company’s board of directors.
Bitcoin Seen as a Resilient Investment
According to Jiva Technologies‘ CEO, Lorne Rapkin, Bitcoin represents a “unique opportunity” to strengthen the company’s financial position. Rapkin explained that the cryptocurrency’s scarcity and finite supply make it an attractive option in times of economic uncertainty. He noted that Bitcoin’s growing acceptance as a trusted asset class further solidifies its appeal as a hedge against inflation.
As Bitcoin continues to gain traction as a widely accepted and trusted asset class, we see a unique opportunity to strengthen our treasury with a resilient and innovative investment.
Rapkin said in a statement on November 25.
Jiva’s stock price rising 36.4% to $0.29 following the announcement.
Growing Corporate Interest in BTC
Jiva’s decision to allocate funds to Bitcoin is part of a broader trend where companies are increasingly looking to cryptocurrency as a reliable store of value. Bitcoin’s inherent scarcity, limited supply, and inflation-resistant qualities have made it a popular choice for firms seeking to protect their capital from economic volatility.
The recent surge in institutional adoption of Bitcoin, along with favorable regulatory frameworks, has enhanced its legitimacy as a corporate asset. Rapkin highlighted the growing institutional interest in Bitcoin. He noted the more than $30 billion in Bitcoin exchange-traded funds (ETFs) that have entered the market since their launch.
Jiva Technologies, recently rebranded from PlantX Life, works on building online wellness communities and creating immersive physical environments that support wellness brands. The company owns Bloombox Club, an online plant delivery marketplace that serves the United States, UK, and Europe.
Additionally, on Nov.11, Jiva Technologies has also formed a joint venture with Kale Coin (KALE). Kale Coin is a cryptocurrency based on the Ethereum network designed specifically for the wellness industry.
Companies Keep Adding Bitcoin to Corporate Treasuries
Jiva is not the only company turning to Bitcoin for financial stability. On November 25, Rumble, a YouTube alternative platform, revealed plans to allocate up to $20 million from its cash reserves to Bitcoin.
Similarly, on Nov. 20, Hoth Therapeutics, a biopharmaceutical company, announced it would invest up to $1 million in Bitcoin. The company cited Bitcoin’s potential as an “inflation-resistant” asset.
Moreover, On Nov.18, Genius Group, an artificial intelligence firm, also purchased 110 Bitcoin for $10 million as part of its treasury reserve.
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