Philly t-shirt company allocates $1M of its cash reserves to BTC / ETH
RushOrderTees, a T-shirt printing and embroidery company, plans to buy $1 million worth of crypto with its cash reserves, according to a recent announcement.
So far, the company has acquired $300,000 worth of bitcoin and other cryptocurrencies in the past month and will increase its holdings of cryptocurrencies to $1 million by the end of April, the company said in a public statement on the 12th. March. The RushOrderTees initiative is another sign of the acceptance and normalization of investing in digital assets.
RushOrderTees is a shirt and apparel manufacturer in Philadelphia, PA. They take orders ranging from one-off purchases to wholesale clothing. The company has even partnered with the Philadelphia 76ers of the NBA, according to the company’s website.
Although bitcoin (BTC) has had its ups and downs over the years, the price of the asset has skyrocketed in recent months, breaking the 2017 record price of nearly $20,000 in December 2020. Since then, BTC has continued its upward trend and recently crossed the $57,000 mark.
Bitcoin, cryptocurrencies and blockchain technology offer an exciting glimpse into the future, Mike Nemeroff, CEO of RushOrderTees, said in a statement. This is our chance to be at the forefront of something that could change world trade forever.
A number of other companies have also converted some of their assets into bitcoin, and more are expected to follow. MicroStrategy has invested more than $2 billion in 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 crypto, as the CEO himself has reportedly bought crypto over the years, saying among other things.
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