🚀 Battery Manufacturer Adopts Bitcoin Investment Strategy
posted 15 Nov 2024
On November 14, Solidion Technology, a key supplier of battery materials, announced a strategic shift towards Bitcoin by reallocating a portion of its cash reserves to the cryptocurrency. This move comes amid the rise of pro-crypto leadership in the U.S., following Donald Trump’s presidential victory.
According to the company’s press release, 60% of the excess cash from operations and interest income from cash accounts will be invested in Bitcoin. Additionally, a set percentage of funds will be allocated for long-term BTC holdings.
Solidion Technology emphasized that while its primary focus remains the development of advanced battery technologies, Bitcoin investments aim to diversify reserves and hedge against inflation.
We believe strongly in Bitcoin's transformative potential for the financial system, and we see our allocation as both a secure store of value and compelling investmentsaid Vlad Prantsevich, CFO of Solidion Technology.
The announcement also highlighted the increasing institutional adoption of Bitcoin, bolstered by the approval of spot Bitcoin ETFs in the U.S. Furthermore, the initiative aligns with Senator Cynthia Lummis’ proposal for a strategic national Bitcoin reserve, which she suggested could be funded by selling off portions of the national gold reserve.
Similarly, the Pennsylvania House of Representatives recently proposed its own Bitcoin reserve bill, aiming to allocate up to 10% of the state treasury’s reserves to Bitcoin. The legislation is designed to counter inflation and diversify investment portfolios beyond traditional financial assets.
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