Juizi Holdings board approved up to $1 billion for cryptocurrency treasury investments in Bitcoin, Ethereum, and BNB as long-term value stores against economic uncertainties.
Chinese EV technology firm Juizi Holdings’ board has authorized the use of up to one billion dollars in company funds toward a cryptocurrency treasury.
According to a Sept. 24 press release, Juizi’s treasury investments will be limited to Bitcoin BTC $106 153 24h volatility: 4.4% Market cap: $2.12 T Vol. 24h: $67.81 B , Ethereum ETH $3 634 24h volatility: 7.8% Market cap: $438.43 B Vol. 24h: $29.83 B , and BNB BNB $1 014 24h volatility: 3.5% Market cap: $139.61 B Vol. 24h: $1.95 B . Expansion to other coins is subject to board approval. The firm will also establish a “Crypto Asset Risk Committee” under CFO Huijie Gao and Juizi will not self-custody its acquired crypto assets. The company also brought new COO Doug Buerger onboard to lead the treasury initiative.
Buerger said in a statement that Juizi viewed crypto assets as long-term stores of value to hedge against macroeconomic uncertainties. “We are not engaging in short-term trading or speculation.”
Juizi Joins Growing List of Corporate Crypto Treasuries
The news appears to have spurred a surge in Juizi stock (JZXN). As of the time of this article’s publication, JZXN is up nearly 80% for the week and about 5% for the day. Before settling there, it peaked at about 26% up over the past 24 hours as markets opened in the US.
Juizi Holdings (JZXN) went up more than 25% for the 24-hour period beginning on Sept. 23. Source: Google.
There appears to be a recent uptick in the number of firms adopting cryptocurrency reserve strategies. As Coinspeaker reported on Sept. 22, financial services firm Strive Inc. purchased medical technology firm Semler Scientific in a deal that saw the two firms merge their cryptocurrency treasuries to become the world’s 14th largest public Bitcoin holder.
Meanwhile, the government of Kyrgyzstan’s recently advanced legislation that, upon its passage, would create a state cryptocurrency reserve and establish comprehensive digital asset regulations. And Philippine lawmakers introduced new legislation in August to establish a national Bitcoin reserve that would be locked for 20 years and expanded with annual purchases of 2,000 BTC for at least five years.
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