A $1 billion cryptocurrency move came from Chinese electric vehicle charging infrastructure company Jiuzi Holdings.
The treasury strategy targeting Bitcoin, Ethereum, and altcoins continues at a rapid pace. Major companies from around the world are making large purchases of various altcoins, including XRP, Solana, and BNB, in addition to BTC and ETH, with the latest news coming from China.
Nasdaq-listed Chinese electric vehicle charging infrastructure company Jiuzi Holdings made a $1 billion crypto move.
Accordingly, Jiuzi Holdings approved its $1 billion crypto investment policy by giving the green light to the transfer of cash reserves to cryptocurrencies such as Bitcoin.
The company announced in a statement that its board of directors has officially approved the ‘Crypto Asset Investment Policy’, which allows for the investment of up to $1 billion in cash reserves in cryptocurrencies.
China-based Jiuzi Holdings has initially limited its crypto purchases to $1 billion, which will be allocated from its cash reserves.
In addition, the company initially decided to invest in Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB), while new cryptocurrencies may be added to these later.
“We do not engage in short-term trading or speculation; instead, we view crypto assets as long-term stores of value to hedge against macroeconomic uncertainties,” Dr. Buerger, newly appointed chief operating officer at the company, said in a statement.
