Canadian wellness firm approves plan to add $1M of Bitcoin to treasury

2024-11-27 09:28:01 Primitive Reading

From cointelegraph by Martin Young

Wellness and plant-based e-commerce firm Jiva Technologies has become the latest corporate entity to go ahead with a Bitcoin treasury strategy, following a board of directors’ approval of up to $1 million in BTC investments.

“As Bitcoin continues to gain traction as a widely accepted and trusted asset class, we see a unique opportunity to strengthen our treasury with a resilient and innovative investment,” Jiva Technologies CEO Lorne Rapkin said on Nov. 25.

Rapkin added that Bitcoin’s “inherent scarcity and finite supply position it as a modern hedge against inflation and a safe haven in times of economic uncertainty.”

He cited the potential for favorable regulatory frameworks and increased institutional adoption, highlighting the recent wave of Bitcoin exchange-traded fund inflows, which have totaled more than $30 billion since launch.

This “underscores Bitcoin’s value proposition and makes us believe it is an ideal asset for corporate treasuries seeking inflation-resistant stores of value,” he said.

Canadian-headquartered Jiva Technologies is dedicated to building online wellness communities and creating immersive physical environments with a focus on joint ventures to support wellness brands.

The company, which rebranded from PlantX Life in early November, owns and operates Bloombox Club, an online plant delivery marketplace serving the United States, United Kingdom and Europe.

On Nov. 11, the company announced a joint venture with Kale Coin (KALE), an Ethereum-based cryptocurrency that is being created specifically for the wellness industry.

Jiva stock spiked 36.4% to $0.33 following the announcement, according to Google Finance.

Jiva Technologies stock 24 hours. Source: Google Finance

Related: MicroStrategy expands Bitcoin holdings with $5.4B purchase

The firm has become one of the latest in an expanding group of companies to invest in Bitcoin as part of their corporate treasury strategies.

On Nov. 25, YouTube alternative video-sharing platform Rumble announced that it planned to add Bitcoin to its balance sheet, with its board of directors approving the strategy and allocating up to $20 million of the company’s excess cash reserves to BTC.

Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.