Crypto
Worksport Dives into Crypto with $5M Bitcoin Strategy, Reports 581% Revenue Surge | WKSP Stock News
Worksport (NASDAQ: WKSP) announces a strategic move into cryptocurrency, planning to adopt Bitcoin (BTC) and XRP for its corporate treasury. The Board approved purchases of up to $5 million in cryptocurrencies, to 10% of excess operational cash. The company will also accept crypto payments on its e-commerce platform, with expected transaction cost savings of up to 37%.
The initiative includes converting interest earnings from money market accounts into cryptocurrencies and potentially allocating a portion of future capital raises to BTC and XRP holdings. This strategy follows strong Q3 2024 performance, with revenue reaching $3.12 million, representing a 581% year-over-year increase from $458,433 in Q3 2023.
Worksport (NASDAQ: WKSP) annuncia una mossa strategica nel mondo delle criptovalute, pianificando di adottare Bitcoin (BTC) e XRP per la sua tesoreria aziendale. Il Consiglio ha approvato acquisti per un massimo di 5 milioni di dollari in criptovalute, pari al 10% del surplus di liquidità operativa. L’azienda accetterà anche pagamenti in criptovalute sulla sua piattaforma di e-commerce, prevedendo un risparmio sui costi delle transazioni fino al 37%.
L’iniziativa include la conversione degli interessi guadagnati dai conti del mercato monetario in criptovalute e la possibile allocazione di una parte dei futuri aumenti di capitale agli investimenti in BTC e XRP. Questa strategia segue un forte andamento del terzo trimestre 2024, con ricavi che raggiungono i 3,12 milioni di dollari, corrispondenti a un incremento del 581% rispetto ai 458.433 dollari del terzo trimestre 2023.
Worksport (NASDAQ: WKSP) anuncia un movimiento estratégico hacia las criptomonedas, planeando adoptar Bitcoin (BTC) y XRP para su tesorería corporativa. La Junta aprobó compras de hasta 5 millones de dólares en criptomonedas, lo que representa el 10% del exceso de efectivo operativo. La empresa también aceptará pagos en criptomonedas en su plataforma de comercio electrónico, con un ahorro en los costos de transacción previsto de hasta el 37%.
La iniciativa incluye la conversión de los intereses generados de cuentas del mercado monetario en criptomonedas y la posible asignación de una parte de futuras recaudaciones de capital a las tenencias de BTC y XRP. Esta estrategia sigue un sólido desempeño en el tercer trimestre de 2024, con ingresos que alcanzan los 3,12 millones de dólares, lo que representa un aumento del 581% con respecto a los 458,433 dólares en el tercer trimestre de 2023.
Worksport (NASDAQ: WKSP)가 암호화폐로의 전략적 전환을 발표하며, 기업 재무를 위해 비트코인(BTC)과 XRP를 수용할 계획입니다. 이사회는 암호화폐 구매를 위해 최대 500만 달러를 승인했으며, 이는 운영 현금의 10%에 해당합니다. 이 회사는 전자상거래 플랫폼에서 암호화폐 결제를 수용할 것이며, 예상 거래 비용 절감 효과는 최대 37%입니다.
이 инициатив에는 머니 마켓 계좌에서 발생한 이자 수익을 암호화폐로 전환하는 것과 향후 자본 증가의 일부를 BTC와 XRP 보유에 할당하는 가능성이 포함됩니다. 이 전략은 2024년 3분기 좋은 실적을 따른 것으로, 수익이 312만 달러에 달하며, 이는 2023년 3분기의 458,433달러에서 581% 증가한 수치입니다.
Worksport (NASDAQ: WKSP) annonce un mouvement stratégique vers les cryptomonnaies, prévoyant d’adopter le Bitcoin (BTC) et l’XRP pour sa trésorerie d’entreprise. Le Conseil a approuvé des achats d’un montant pouvant atteindre 5 millions de dollars en cryptomonnaies, représentant 10% de l’excédent de liquidités opérationnelles. L’entreprise acceptera également les paiements en cryptomonnaies sur sa plateforme de commerce électronique, avec des économies prévues sur les coûts de transaction pouvant atteindre 37%.
Cette initiative comprend la conversion des intérêts générés par des comptes du marché monétaire en cryptomonnaies et la possibilité d’allouer une partie des futures augmentations de capital aux avoirs en BTC et XRP. Cette stratégie fait suite à une performance solide au troisième trimestre 2024, avec des revenus atteignant 3,12 millions de dollars, ce qui représente une augmentation de 581% par rapport aux 458.433 dollars du troisième trimestre 2023.
Worksport (NASDAQ: WKSP) kündigt einen strategischen Schritt in den Bereich der Kryptowährungen an und plant die Einführung von Bitcoin (BTC) und XRP für seine Unternehmensfinanzen. Der Vorstand genehmigte den Kauf von Kryptowährungen im Wert von bis zu 5 Millionen Dollar, was 10% des überschüssigen Betriebskapitals entspricht. Das Unternehmen wird auch Krypto-Zahlungen auf seiner E-Commerce-Plattform akzeptieren, mit erwarteten Kosteneinsparungen bei Transaktionen von bis zu 37%.
Die Initiative beinhaltet die Umwandlung von Zinserträgen aus Geldmarktkonten in Kryptowährungen und die potenzielle Zuweisung eines Teils zukünftiger Kapitalerhöhungen an BTC- und XRP-Bestände. Diese Strategie folgt auf ein starkes Ergebnis im dritten Quartal 2024, mit einem Umsatz von 3,12 Millionen Dollar, was einem Anstieg von 581% im Vergleich zu 458.433 Dollar im dritten Quartal 2023 entspricht.
Positive
- Q3 2024 revenue increased 581% YoY to $3.12 million
- Expected 37% reduction in transaction processing fees through crypto adoption
- Board approved up to $5 million in cryptocurrency investments
Negative
- Received Nasdaq compliance extension, indicating listing concerns
Insights
Company to Convert Interest Earnings to Cryptocurrency, Allocate Up to
West Seneca, New York, Dec. 05, 2024 (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, today announced a significant advancement in its corporate treasury strategy by taking initial steps to adopt the cryptocurrencies BTC (Bitcoin) and XRP (Ripple). Under the initial resolution of this strategy, the Worksport Board of Directors has approved the purchase of up to
Worksport’s top line revenues continue to significantly expand. Worksport will update investors on holiday sales trends in the coming days. The Company is also preparing to release its innovative portable power system and solar truck cover, propelling it toward the future of mobile energy.
Key Components of Worksport’s BTC (Bitcoin) / XRP (Ripple) Strategy:
- Allocation of Excess Operational Cash: The Company will commit up to
10% of any excess cash from operations to purchase BTC (Bitcoin) and XRP (Ripple). - Crypto-Enabled Ecommerce: Worksport will accept cryptocurrency payments on its e-ecommerce platform, www.worksport.com, enhancing customer convenience and expanding its payment options. Cryptocurrency transactions are expected to cost the Company up to
37% less in transaction processing fees. - Interest Earnings Conversion: Worksport may convert interest earnings from cash held in money market accounts into Bitcoin and XRP.
- Future Capital Raises: A designated percentage of funds raised in future capital initiatives may be allocated to long-term holdings of Bitcoin and XRP, reinforcing the Company’s commitment to these digital assets.
“Our upcoming adoption of Bitcoin (BTC) and XRP (Ripple) reflects our commitment to staying ahead of market trends while prioritizing operational efficiency and shareholder value. As we expand our product offerings and global reach, cryptocurrency has the potential to be a strong strategic complement” said Steven Rossi, Chief Executive Officer of Worksport Ltd. The total allocation for cryptocurrency investments will be up to a maximum of
Strategic Vision for 2025 and Beyond
Worksport’s cryptocurrency initiatives are part of a broader strategy to innovate across all facets of its business. From American production of high-quality, highly demanded automotive accessories to developing clean energy products like the SOLIS solar tonneau cover and COR portable energy system, and leveraging blockchain technology, Worksport is creating a diversified ecosystem designed for exponential growth.
Benefits of Accepting Crypto Payments
- Cost Efficiency Through Bitcoin and XRP Integration
By strategically allocating resources to Bitcoin and XRP and embracing cryptocurrency payments, Worksport positions itself at the forefront of financial innovation. Crypto transactions are anticipated to cost up to
- Capitalizing on Pro-Crypto Momentum
The global shift toward pro-cryptocurrency policies and the increasing likelihood of Bitcoin exchange traded fund approvals have heightened the appeal of digital assets. These developments bolster Bitcoin’s reputation as an inflation-resistant store of value, making it an attractive asset for corporate treasuries. Bitcoin, often dubbed “digital gold,” has evolved into a globally recognized store of value, offering unparalleled transparency, liquidity, and decentralization. XRP, with its fast and low-cost cross-border transaction capabilities, complements Bitcoin in reshaping the financial ecosystem
CEO Commentary
Rossi adds: “As Bitcoin and XRP continue to gain investor attention and acceptance as major asset classes, we believe they may serve as strong treasury reserve assets. Their inflation-resistant characteristics make them increasingly reliable stores of value. By strategically allocating a portion of our treasury to these digital assets and accepting crypto payments, we’re enhancing our financial strategy and aligning ourselves with the future of global finance. With our core business growing rapidly and new products launching soon, diversifying our treasury complements our strong projected growth. We believe this move will strengthen our balance sheet and provide long-term value to our shareholders.”
Worksport Q3 Earnings Call: Third quarter revenue surged to
Key 2024 Press-Releases:
Read all Worksport press releases: [Link to All Press Releases].
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, and NP (Non-Parasitic), hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. 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 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 NP (Non-Parasitic), Hydrogen-based 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.
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: investors@worksport.com
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,” “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 SEC, including, without limitation, our 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.
Worksport acknowledges the inherent risks of investing in cryptocurrency, including market volatility and regulatory uncertainties, and is committed to managing these risks through oversight and diversification strategies. The decision to pursue this investment has been reviewed and approved by the Board of Directors of Worksport and complies with the Company’s corporate governance policies.
FAQ
How much cryptocurrency investment has Worksport (WKSP) approved?
Worksport’s Board has approved cryptocurrency purchases of up to $5 million in Bitcoin and XRP, to 10% of excess operational cash.
What was Worksport’s (WKSP) revenue growth in Q3 2024?
Worksport reported Q3 2024 revenue of $3.12 million, representing a 581% increase compared to $458,433 in Q3 2023.
How much can Worksport (WKSP) save on transaction fees using crypto payments?
Worksport expects to save up to 37% on transaction processing fees by accepting cryptocurrency payments on its e-commerce platform.
During the hearing in December the court heard how Mr Howells had been an early adopter of Bitcoin and had successfully mined the cryptocurrency.
As the value of his missing digital wallet soared, Mr Howells organised a team of experts to attempt to locate, recover and access the hard drive.
He had repeatedly asked permission from the council for access to the site, and had offered it a share of the missing Bitcoin if it was successfully recovered.
Mr Howells successfully “mined” the Bitcoin in 2009 for almost nothing, and says he forgot about it altogether when he threw it out.
The value of the cryptocurrency rose by more than 80% in 2024.
But James Goudie KC, for the council, argued that existing laws meant the hard drive had become its property when it entered the landfill site. It also said that its environmental permits would forbid any attempt to excavate the site to search for the hard drive.
Gary Gensler will step down as chair of the U.S. Securities and Exchange Commission (SEC) Jan. 20 with the inauguration of President-elect Donald Trump.
But that didn’t stop Gensler from expressing concerns that more needs to be done to regulate the cryptocurrency market, particularly altcoins and intermediaries.
In an interview with Bloomberg Television on Wednesday (Jan. 8), he emphasized that everyday investors still lack adequate disclosures from digital asset firms and said the cryptocurrency landscape is “rife with bad actors,” highlighting the need for regulatory oversight to protect investors from fraud and misinformation.
Gensler’s tenure has been characterized by aggressive enforcement actions against numerous cryptocurrency entities, including high-profile cases involving Coinbase Global and Ripple Labs. Since taking office in 2021, he has overseen about 100 enforcement actions related to cryptocurrencies.
While Gensler’s SEC chair predecessor, Jay Clayton, focused his 80 enforcement actions between 2017 and 2020 on token issuers, Gensler’s approach often targeted market intermediaries for failing to comply with securities laws regarding registration and disclosure.
Meanwhile, Trump has nominated Paul Atkins, a former SEC commissioner known for his pro-crypto stance, to succeed Gensler. This transition is expected to lead to a more favorable regulatory environment for digital assets, potentially reducing enforcement actions against the industry. It’s a sharp contrast with Gensler’s more stringent regulatory approach.
In his remarks, Gensler expressed concern that many of the crypto projects currently in existence are unlikely to survive, comparing them to venture capital investments prone to high failure rates.
Despite criticism from the cryptocurrency community that classifying most crypto assets as securities has stifled innovation, Gensler defended his record in the interview. He asserted that the SEC’s actions were necessary to maintain market integrity and investor protection.
“I’ve never seen a field that’s so much wrapped up in sentiment and not so much about fundamentals,” he remarked, underscoring his belief that regulatory clarity is essential for the cryptocurrency industry’s future.
For more on what’s to come, read up on PYMNTS’ “Three Most Important US Crypto Policies to Watch This Year.”
WASHINGTON, D.C. — Bernie Moreno’s victory in the Ohio Senate race was a big win for the cryptocurrency industry, which spent more than $40 million supporting his candidacy. Now in office, Moreno said he would support legislation the industry is seeking that would govern how it is regulated.
What You Need To Know
- Sen. Bernie Moreno said he would support new legislation to govern how the cryptocurrency industry is regulated
- The crypto industry spent tens of millions of dollars to support Moreno in the Ohio Senate race
- Moreno’s support of laws sought by crypto interests is a stark contrast from his Democrat predecessor, former Sen. Sherrod Brown
Moreno has long been involved with the crypto industry. He has a background in blockchain, the same technology used to for cryptocurrency. He previously founded Champ Titles, a digital car titling company that was among the first to use blockchain for digital titles.
The cryptocurrency industry also helped fuel his Senate win. Super PAC Defend American Jobs spent $40.1 million on the race, more than any other outside group. The super PAC is affiliated with Fairshake, another super PAC that is funded by Coinbase, Ripple and other crypto companies.
Moreno’s support of laws sought by crypto interests is a stark contrast from his Democrat predecessor, former Sen. Sherrod Brown.
As Chairman of the Senate Banking Committee, Brown blocked advancing a bill to loosen the regulation of some crypto assets, known as the Financial Innovation and Technology for the 21st Century Act, or FIT 21. The bill would reclassify many kinds of crypto as commodities rather than securities. Rules for commodities, examples of which include oil, wheat or electricity, are generally looser than those for financial securities like stocks or bonds. The bill passed the House last Congress, but remained stalled in the Senate Banking Committee.
Moreno now sits on the Banking Committee, as well as the Senate Committees for Homeland Security and Governmental Affairs; Commerce, Science and Transportation; Budget; and Banking, Housing and Urban Affairs.
“I got the committee assignments I wanted,” Moreno said. “Senator Thune was kind enough to get me on Banking.”
Moreno disagreed with the stance Brown had taken against legislation like FIT 21, countering that the rapidly growing cryptocurrency industry needs better clarification on regulations.
“Crypto is not looking to be deregulated. Crypto is looking to be treated fairly, to have transparent, consistent regulations that treat everybody equally and fairly. That’s what we want,” he said. “Look, at the end of they day, I understand how the technology works and I understand the industry. My opponent had no idea.”
With a new Congress, the House would have to re-introduce and pass another cryptocurrency regulation bill. FIT 21 previously received bipartisan support, with nearly all Republicans and about a third of Democrats voting for it.
Similar legislation would likely move more quickly this Congress, in which Republicans control the House, Senate and White House.
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