Crypto

Worksport Dives into Crypto with $5M Bitcoin Strategy, Reports 581% Revenue Surge | WKSP Stock News

Published

1 year ago

December 5, 2024

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.

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

This strategic shift towards cryptocurrency adoption represents a significant financial innovation for Worksport. The $5 million maximum allocation and 10% cap on excess operational cash shows a measured approach to digital asset integration. The projected 37% reduction in transaction costs through crypto payments could materially impact the bottom line, especially given Q3’s substantial revenue of $3.12 million. The dual-cryptocurrency strategy combining Bitcoin’s store of value properties with XRP’s transaction efficiency demonstrates sophisticated treasury management. However, cryptocurrency volatility poses risks that need careful management. The timing aligns with growing institutional adoption and potential Bitcoin ETF approvals, though regulatory uncertainties remain a consideration.

The treasury diversification strategy marks a bold yet calculated move for a company of Worksport’s size. Converting interest earnings to cryptocurrency and allocating future capital raises to digital assets indicates a long-term commitment beyond mere transaction capabilities. With Q3 revenue showing 581% year-over-year growth, the company has demonstrated strong operational performance to support this initiative. The 10% cap on excess operational cash provides a prudent risk management framework while allowing meaningful exposure to potential cryptocurrency appreciation. The cost savings from reduced transaction fees could provide immediate operational benefits, though careful liquidity management will be important given cryptocurrency’s volatility.

12/05/2024 – 08:30 AM

Company to Convert Interest Earnings to Cryptocurrency, Allocate Up to 10% of Excess Operational Cash, and Enable Crypto Transactions on Worksport.com

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 $5 million in Bitcoin and XRP, limited to a maximum of 10% of excess operational cash. This strategic move is intended to enhance transaction efficiency and underscores the Company’s long-term belief in cryptocurrency as a store of value and a hedge against inflation, aligning with the growing global acceptance and institutional adoption.

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 $5 million, which may be adjusted through future board resolutions. Worksport will strategically size its holdings based on prevailing market conditions to optimize asset performance.

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 37% less, enhancing operational efficiency, aligning with global trends toward digital asset adoption and delivering increased value to shareholders and customers alike.

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 $3.12 million—a 581% year-over-year increase compared to $458,433 in Q3 2023. Worksport held its Q3 2024 earnings call on Wednesday, November 13, 2024. The prepared remarks and presented earnings call deck are available at Worksport’s Investor Relations website.

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.

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Crypto

Lagarde Blocks Euro Stablecoin Push, Calls $300B Market a Stability Risk for ECB Policy

Published

10 hours ago

May 9, 2026

Press Room

Lagarde Blocks Euro Stablecoin Push, Calls 0B Market a Stability Risk for ECB Policy

Key Takeaways

Lagarde Warns European Banks That Euro Stablecoins Could Narrow ECB Rate Channel

Lagarde delivered her remarks at the Banco de España Latam Economic Forum in Roda de Bará, Spain. The speech, titled “ Stablecoins and the future of money: separating functions from instruments,” came as the global stablecoin market has grown from under $10 billion six years ago to more than $300 billion today.

“The case for promoting euro-denominated stablecoins is far weaker than it appears,” Lagarde remarked.

The market remains heavily dollar-dominated, with nearly 98% of stablecoins pegged to the U.S. dollar. Tether and Circle control a massive share of that market. The U.S. GENIUS Act, currently advancing through Congress, explicitly frames stablecoin expansion as a tool to cement the dollar’s global dominance and sustain demand for U.S. Treasuries.

Lagarde acknowledged that euro stablecoins operating under the EU’s Markets in Crypto-Assets Regulation (MiCAR), which took effect in 2024, could generate additional demand for euro-area safe assets, compress sovereign yields, and extend the euro’s international reach. She did not dismiss those potential gains outright.

But she argued that two risks make the trade-off unfavorable. The first is financial stability. Stablecoins are private liabilities whose backing can come under sudden pressure during periods of stress. She highlighted that when Silicon Valley Bank (SVB) collapsed in March 2023, Circle disclosed that $3.3 billion of USDC’s reserves were held there. During that window, Lagarde said, USDC briefly traded at $0.877, more than 12 cents below its $1 peg.

“These trade-offs outweigh the short-term gains in financing conditions and international reach that euro-denominated stablecoins might provide,” Lagarde stated during her speech.

The second concern is monetary policy transmission, she explained. In the euro area, banks remain the primary channel through which ECB interest rate decisions reach firms and households. If retail deposits migrate into non-bank stablecoins and return to banks as more expensive wholesale funding, that channel narrows. ECB research published in March 2026 (Working Paper No. 3199) found that large-scale deposit substitution would weaken bank lending and monetary policy pass-through, an effect the paper noted is more pronounced in bank-heavy economies like Europe than in the U.S.

Lagarde’s position puts her at odds with Bundesbank President Joachim Nagel, also an ECB Governing Council member. In a Feb. 16, 2026, keynote at the New Year’s Reception of AmCham Germany, Nagel expressed support for the instruments. “I also see merit in euro-denominated stablecoins, as they can be used for cross-border payments by individuals and firms at low cost,” Nagel explained.

The divergence reflects a broader internal debate within the Eurosystem over how to respond to dollar stablecoin dominance and the risk of what Lagarde called “digital dollarisation.”

Rather than match U.S. stablecoin policy, Lagarde pointed to the Eurosystem’s own infrastructure plans. The Pontes project, launching in September 2026, will link distributed ledger platforms to TARGET, the ECB’s existing settlement system, allowing DLT-based transactions to settle in central bank money. The Appia roadmap, published in March 2026, sets a path to a fully interoperable European tokenized financial ecosystem by 2028.

“Our task is not to replicate instruments developed elsewhere, but to build the foundations and the infrastructure that serve our own objectives, so that we can harness the benefits of innovation without importing the fragilities,” Lagarde said.

European banks and payment firms that have already begun preparing regulated euro stablecoin products under MiCAR may now face added scrutiny as the ECB signals it prefers central bank-anchored solutions over private alternatives.

Crypto

New Alabama law targets cryptocurrency kiosk scams

Published

22 hours ago

May 9, 2026

Press Room

New Alabama law targets cryptocurrency kiosk scams

BIRMINGHAM, Ala. (WBRC) – Alabama Gov. Kay Ivey signed the Cryptocurrency Kiosk Fraud Prevention Act into law this week, putting rules and regulations on cryptocurrency ATMs.

In Hoover, community members have lost more than $800,000 to scammers luring them to crypto kiosks over the last five years. Many of these ATMs are found in places like gas stations or grocery stores.

“A lot of people who are victims of these scams they’re not stupid people. They’re people who are educated and have good jobs, and many times I have lived a very full life. They just fall victim because the scammers know what language to use,” said Capt. Daniel Lowe with the Hoover Police Department.

Under the Cryptocurrency Kiosk Fraud Prevention Act, transactions will be capped, fraud warnings displayed on machines and refund mechanisms set in place for confirmed fraud cases.

“Now that we have some parameters around these kiosks to hopefully prevent some of this fraud, especially the daily limits alone will at least lower the dollar amount that people can put into one of these at one time,” Lowe said.

The law also requires the kiosks to have a customer service line based in the United States. Anyone who violates it can face civil and criminal charges.

“It’s been a really prevalent problem, and we’re glad that our state is taking some steps to help get some parameters on this and hopefully keep our citizens’ money in their pockets because they’ve earned it,” Lowe said.

Police in Hoover do want to remind you that law enforcement would never ask anyone to pay a fine by using cryptocurrency. If someone gets a call asking them to do this, they should hang up and call police.

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Crypto

Tucker Carlson Calls Markets ‘Fake’ After 60 Days of Middle East Conflict

Published

1 day ago

May 8, 2026

Press Room

Tucker Carlson Calls Markets ‘Fake’ After 60 Days of Middle East Conflict

Key Takeaways

Tucker Carlson: ‘Markets Are Doing Things You Would Not Expect Markets to Do’

The comments came against a backdrop that has left many analysts searching for explanations. Operation Epic Fury, the U.S.-Israel military campaign against Iran, launched on February 28, 2026. Strikes hit Iranian leadership and infrastructure. Iran responded with missiles, drones, and disruptions to the Strait of Hormuz, through which roughly 20% of global oil flows.

A fragile ceasefire emerged during the first week of April, but brinkmanship, ship strikes, and intermittent violence have continued into May. Despite all of it, equities climbed. The S&P 500 dropped roughly 10% in the initial weeks, then staged a sharp recovery, closing above 7,000 in mid-April and trading near 7,389 by May 8. The Nasdaq 100 logged a 13-day winning streak, its longest in over a decade. The Dow approached 50,000.

Carlson pointed to oil prices as the clearest sign that something is wrong. “The Strait of Hormuz has been closed for months now, in effect,” he stressed. The political commentator added:

“And yet oil, as of airtime tonight, was under 100 bucks a barrel. Much lower than it was in, say, 2008. That is bizarre. But it’s more than bizarre. It’s fake.”

Brent crude did spike above $116 per barrel on May 5 amid Hormuz threats, but fell back below $100 on any signal of de-escalation. That whipsaw pattern repeated itself throughout the conflict, with traders pricing in a rapid resolution each time.

Gold told a similar story. Prices climbed to the $4,500 to $4,700 range overall but failed to deliver the sustained safe-haven rally many investors expected. Correlations broke. Inflation fears, a stronger dollar, and doubts about rate cuts kept the metal from running.

Bitcoin moved differently. It climbed to $80,000 and then near the $83,000 range, pulled in a record $2 billion in exchange-traded fund (ETF) inflows during April, and outperformed both the S&P 500 and gold in several stretches. Observers called it a digital hedge that absorbed geopolitical risk better than traditional alternatives.

Carlson saw this divergence as evidence of manipulation rather than fundamentals. “Markets are doing things you would not expect markets to do if they were behaving rationally in a free way, if they weren’t rigged,” he said. He argued that gold and oil have stayed “far lower than you would rationally expect them to stay after 60 days of terrible news.”

Wall Street analysts offered competing explanations. JPMorgan directly asked why stocks were hitting record highs without an Iran resolution, then attributed it to corporate earnings strength. Roughly 83% of S&P 500 companies beat estimates in recent quarters. Barclays analyst Stefano Pascale told the New York Times that “the market is trading assuming we have seen the worst of the conflict.”

In the same NYT editorial, ECB President Christine Lagarde called the tendency to assume “business as usual” simply strange. Still, Carlson pushed further. “It’s become too obvious to deny, over the past couple of months, that public markets are not what they told us they were, which is to say, open and free and equal for everyone to participate in,” he said.

He acknowledged retail investors have not fully absorbed this yet, but he suggested the knowledge is spreading. “Some people are getting rich from this, and most people aren’t,” he added. The debate over whether markets are rational or rigged is unlikely to be resolved while the Strait of Hormuz remains contested, inflation risks linger, and ceasefire terms stay unfinished.

History suggests equity markets tend to recover through geopolitical conflict. But history has shown some of the greatest crashes following irrational all-time highs. Whether any of these episodes fit historical patterns depends on what happens next.