The strategy for managing treasury assets by investing in Bitcoin, Ethereum, and other cryptocurrencies is advancing swiftly. Global corporations are increasingly acquiring a variety of altcoins such as XRP, Solana, and BNB alongside BTC and ETH. The latest development in this trend comes from China.
Jiuzi Holdings, a Chinese company listed on Nasdaq that specializes in electric vehicle charging infrastructure, has embarked on a significant $1 billion venture into the cryptocurrency market.
This decision was solidified when Jiuzi Holdings’ board sanctioned their crypto investment policy, allowing them to channel cash reserves into digital currencies like Bitcoin.
The company revealed through an official statement that its board has endorsed the ‘Crypto Asset Investment Policy’, enabling up to $1 billion of its cash reserves to be invested in cryptocurrencies.
Initially based out of China, Jiuzi Holdings plans to allocate up to $1 billion from its financial reserves towards purchasing cryptocurrencies.
The company’s initial focus will be on acquiring Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), with potential additions of other digital currencies over time.
“Our approach does not involve short-term trading or speculation; rather we consider crypto assets as long-term value stores designed to protect against broader economic uncertainties,” stated Dr. Buerger, who recently took over as chief operating officer at the firm.
*This information should not be considered investment advice.