Roughly 30 percent of the $1 million has been set toward crypto purchases.
“The company has so far bought $300k in Bitcoin along with other cryptocurrencies within the last month and will fall to $1 billion at crypto holdings by the end of April,” a March 12 public announcement said. The move from RushOrderTees is just another sign of adoption and a normalization of electronic asset investing.
RushOrderTees is a personalized shirt and apparel manufacturer based in Philadelphia, PA.. They accept orders which range from single unit purchases to large scale apparel runs. The company even touts a partnership with the NBA’s Philadelphia 76ers, based to the company’s website.
Though Bitcoin (BTC) has had its ups and downs through the years, the asset’s cost has soared in recent months, dividing its 2017 record price high near $20,000 at December 2020. BTC has continued blazing an upward trail since then, recently flying past $57,000.
“This is the opportunity to be on the cutting edge of something which has the power to change global trade forever.”
A number of different companies have also transformed a few of their company’s assets to Bitcoin, with more expected to follow along. MicroStrategy has set more than $2 billion of capital toward the money, and Tesla bought $1.5 billion value of BTC at 2021. Square and MassMutual have also purchased Bitcoin in recent months.
Nemeroff is no stranger to the crypto space, since the CEO himself has reportedly bought crypto through the years, the statement contained.