Roughly 30% of the $1 million has already been put toward crypto purchases.
RushOrderTees, a t-shirt printing and embroidering company, intends to buy $1 million worth of crypto with its cash reserves, according to a recent announcement.
“The company has so far purchased $300k in Bitcoin and other cryptocurrencies over the past month and will ramp to $1 million in crypto holdings by the end of April,” a March 12 public statement said. The move from RushOrderTees is another sign of adoption and a normalization of digital asset investing.
RushOrderTees is a custom shirt and apparel manufacturer based in Philadelphia, PA. They accept orders that range from single unit purchases to large-scale apparel runs. The business even touts a partnership with the NBA's Philadelphia 76ers, according to the company's website.
Although Bitcoin (BTC) has had its ups and downs over the years, the asset’s price has soared in recent months, breaking its 2017 record price high near $20,000 in December 2020. BTC has continued blazing an upward trail since then, recently flying past $57,000.
“Bitcoin, cryptocurrencies, and blockchain technology offer an exciting glimpse into the future,” Mike Nemeroff, RushOrderTees’ CEO, said in the statement. “This is our opportunity to be on the cutting edge of something that has the power to change global commerce forever.”
A number of other companies have also converted some of their company's assets to Bitcoin, with more expected to follow. MicroStrategy has put over $2 billion of capital toward the currency, and Tesla bought $1.5 billion worth of BTC in 2021. Square and MassMutual have also bought Bitcoin in recent months.
Nemeroff is no stranger to the crypto space, as the CEO himself has reportedly bought crypto over the years, the statement included.