Solidion Technology Allocates Reserves to Bitcoin

Solidion Technology, a manufacturer of electric batteries and components, announced the conversion of part of its cash reserves into Bitcoin.

Going forward, the company plans to allocate 60% of its excess funds, all interest income from the money market, and a portion of future capital raised to purchasing the leading cryptocurrency.

Solidion justifies its decision by citing Bitcoin as an attractive investment that can serve as a hedge against inflation.

“We firmly believe in Bitcoin’s transformative potential for the financial system and view it as a reliable store of value and an attractive investment,” stated Solidion CFO Vlad Prantsevich.

He added that with the launch of Bitcoin ETFs, the initial steps towards institutional adoption have been taken. In the next phase, the leading cryptocurrency will become an internationally recognized reserve asset.

Following the announcement, Solidion’s shares rose by 45% in pre-market trading compared to the previous trading day, from $0.35 to $0.51.

Earlier, on November 12, AI company Genius Group declared Bitcoin as its primary treasury asset.