Electric vehicle company Nuvve invests in Bitcoin amid financial difficulties

Electric vehicle charging technology company Nuvve Holding Corp announced its intention to invest 30% of its available cash flow in Bitcoin. According to a press release dated January 28, 2025, the investment decision will be based on a six-month operating expense analysis.

Nuvve CEO Gregory Poylasne emphasized that the adoption of Bitcoin is aimed at expanding payment options for customers and suppliers, noting the potential reduction in transaction costs when using the digital currency.

The company's financial position has analysts concerned. In the third quarter of 2024, Nuvve's revenue was only $1.92 million, a 29.3% drop from the previous quarter. The company's cash reserves at the end of the reporting period amounted to $325,425, which means it could buy less than one Bitcoin at current market prices.

Nuvve shares are also showing negative dynamics - on January 28, they fell by 1.81% to $2.81, although they later rose slightly to $3.07 in premarket trading. Since reaching an all-time high of $9,096 in November 2020, the company's securities have fallen by more than 99.95%. According to Bitcoin Treasuries, 62 public companies currently own a total of 618,615 BTC, worth a total of $62.6 billion. MicroStrategy remains the leader among corporate holders with a portfolio of 471,107 BTC.