Worksport plans to invest in Bitcoin and Ripple, enhancing its cryptocurrency strategy amidst projected business growth.
Quiver AI Summary
Worksport Ltd., a manufacturer of clean energy solutions based in West Seneca, New York, has announced the initiation of a cryptocurrency treasury strategy, marking its first investments in Bitcoin and Ripple. This strategic move comes as the company anticipates revenue growth and the launch of three new products in 2025, with a goal of achieving positive cash flow. With a long-term perspective on its cryptocurrency holdings, Worksport plans to expand its investments as cash reserves increase and integrate cryptocurrency payment options into its website to enhance customer transactions. CEO Steven Rossi highlighted this approach as a way to hedge against inflation while navigating evolving regulatory landscapes. The announcement reflects Worksport's commitment to innovative financial strategies amid ongoing business growth.
Potential Positives
- Worksport has established a cryptocurrency treasury strategy, starting with significant purchases of Bitcoin and Ripple, which positions the company to capitalize on potential market growth in digital assets.
- The introduction of cryptocurrency payment options on Worksport.com could enhance customer experience by providing lower transaction fees and a broader range of payment methods.
- The company's projections of revenue growth, the release of three new products, and approaching cash flow positivity within 2025 indicate a strong outlook for business expansion.
Potential Negatives
- Initiating a cryptocurrency treasury strategy may expose the company to significant financial risks, given the volatile nature of cryptocurrencies like Bitcoin and Ripple.
- The company acknowledges the influence of regulatory movements under the new Trump administration, suggesting potential uncertainty in their future cryptocurrency strategy.
- Despite projecting revenue growth, the company's reliance on a newly established cryptocurrency strategy may distract from its core business operations, raising concerns about focus and resource allocation.
FAQ
What is Worksport's new cryptocurrency strategy?
Worksport has initiated a cryptocurrency treasury strategy, purchasing Bitcoin (BTC) and Ripple (XRP) to enhance its financial flexibility.
Why did Worksport invest in Bitcoin and Ripple?
The investment aims to hedge inflation, benefit from regulatory clarity, and capitalize on the company's projected revenue growth.
How does Worksport plan to use cryptocurrency in payments?
Worksport intends to integrate cryptocurrency payment options on its website, offering customers lower transaction fees and more payment choices.
What are Worksport's growth projections for 2025?
The company anticipates releasing three new products and achieving cash flow positivity while continuing its robust business growth.
Who is the CEO of Worksport?
The CEO of Worksport is Steven Rossi, who emphasizes the company's long-term commitment to its cryptocurrency investments.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$WKSP Insider Trading Activity
$WKSP insiders have traded $WKSP stock on the open market 1 times in the past 6 months. Of those trades, 1 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $WKSP stock by insiders over the last 6 months:
- STEVEN F. ROSSI (CEO and President) purchased 33,333 shares for an estimated $24,999
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$WKSP Hedge Fund Activity
We have seen 9 institutional investors add shares of $WKSP stock to their portfolio, and 6 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARMISTICE CAPITAL, LLC added 786,242 shares (+35.6%) to their portfolio in Q3 2024, for an estimated $335,725
- CITADEL ADVISORS LLC removed 99,352 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $42,423
- GEODE CAPITAL MANAGEMENT, LLC added 40,537 shares (+20.7%) to their portfolio in Q3 2024, for an estimated $17,309
- HRT FINANCIAL LP added 33,597 shares (+271.8%) to their portfolio in Q3 2024, for an estimated $14,345
- UBS GROUP AG removed 26,536 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $11,330
- SUSQUEHANNA INTERNATIONAL GROUP, LLP removed 17,110 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $7,305
- TWO SIGMA SECURITIES, LLC added 15,686 shares (+inf%) to their portfolio in Q3 2024, for an estimated $6,697
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Following Business Growth, Company Initiates Purchases and Shares Long-Term View
West Seneca, New York, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is pleased to announce it has made initial purchases of Bitcoin (BTC) and Ripple (XRP) as part of a newly established cryptocurrency treasury strategy. Projecting revenue growth , the release of three (3) new products, and approaching cash flow positivity, all within 2025, the Company’s proactive crypto strategy is positioned as a timely complement to global transformations.
A Proactive Treasury Approach
This week, Worksport has made its initial six-figure purchase of Bitcoin (BTC) and Ripple (XRP). The Company currently holds a long-term view on this investment and anticipates opportunistically adding to this position as excess cash grows . This strategic move aligns with Worksport’s Bitcoin and XRP Treasury Strategy announced on December 5, 2024, wherein the Company committed to a strategy of investing a portion of its excess cash reserves in BTC and XRP.
With its initial BTC and XRP holdings secured, the Company aims to continually bolster its cryptocurrency strategy, while keeping an eye on regulatory movements under the new Trump administration. Worksport also plans to integrate cryptocurrency payment options on Worksport.com , allowing customers worldwide to benefit from lower transaction fees and an expanded range of payment methods. This initiative aligns with the Company’s broader vision of leveraging blockchain and digital assets to enhance operational efficiency. Read Worksport’s cryptocurrency treasury strategy: [Here]
Worksport Chief Executive Officer, Steven Rossi, comments : “Our business has been growing rapidly, with revenues up and margins steadily improving. We believe our strategic treasury plan is a low-risk approach to hedge inflation and potentially benefit from increasing regulatory clarity around cryptocurrencies. We hold a long-term view on our current BTC and XRP holdings. ”
This treasury update follows Worksport’s ongoing business growth initiatives. Read more on Worksport’s Growing Business, here: https://investors.worksport.com .
Stay tuned for more information and join our mailing list to stay up to date with the latest. Join Worksport’s Newsletter
About Worksport
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport’s hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy’s website is terravisenergy.com .
For more information, please visit investors.worksport.com .
Connect with Worksport
Please follow the Company’s social media accounts on X (previously Twitter) , Facebook , LinkedIn , YouTube , and Instagram (collectively, the “Accounts”), the links of which are links to external third-party websites, as well as sign up for the Company’s newsletters at investors.worksport.com . The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company.
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Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, SEC filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media.
The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
For additional information, please contact:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: [email protected]
Forward-Looking Statements
The information contained herein may contain “forward‐looking statements.” Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” ”scheduled,” “expect,” “future,” “intend,” “plan,” “project,” “envisioned,” “should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov . As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.