Tesla, MicroStrategy… and Now Nuvve! Another Company Joins the BTC Movement

Beyond investing, the company has also announced that it will accept Bitcoin as a payment method, likely transferring funds directly into its treasury without converting to fiat. According to company leadership, this decision aims to diversify assets and lower costs associated with traditional payment systems.

“BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies,” said Nuvve founder and CEO Gregory Poilasne.

Following the announcement of its Bitcoin strategy, Nuvve’s stock (traded on Nasdaq) rose 1.81%, with an additional 1.42% increase in after-hours trading. However, the company’s financial standing remains weak: its Q3 2024 revenue totaled just $1.92 million.

Based on this, Nuvve’s planned BTC purchases would amount to only about 1 Bitcoin per quarter, meaning it will have little impact on the broader crypto market.

Nuvve initially gained attention for its vehicle-to-grid (V2G) energy transfer technology, but its early momentum has faded. While its Bitcoin adoption strategy could boost its long-term prospects, the company still faces major financial hurdles.

By investing in BTC, Nuvve joins a growing list of over 62 publicly traded companies that collectively hold 618,615 BTC (nearly $62.6 billion).

Related: MicroStrategy Acquires Another 10,107 BTC for $1.1 Billion