On January 28, 2025, Worksport Ltd. filed a Form 8-K with the Securities and Exchange Commission, announcing a significant development in its strategy. The filing revealed that Worksport has chosen Coinbase as its preferred partner for crypto custodianship. This decision comes after a thorough evaluation of various custodians, with Worksport highlighting Coinbase’s strong regulatory compliance, robust security measures, and insurance-backed custody solutions.
Under Worksport’s Cryptocurrency Treasury Strategy, unveiled on December 5, 2024, the company expanded its Corporate Treasury to include Bitcoin (BTC) and XRP holdings. The Board of Directors at Worksport identifies investable cash reserves to make initial purchases in cryptocurrencies.
This move aligns with Worksport’s broader growth strategies, including a substantial increase in revenue, a drive towards cash flow positivity, and plans to introduce three new product lines in 2025. By strategically incorporating cryptocurrencies into its treasury, Worksport aims to diversify its financial position, strengthen its balance sheet, and generate long-term value for shareholders.
Coinbase, as the largest cryptocurrency exchange in the US, brings extensive experience in serving corporate and institutional clients with its secure custody platform. The collaboration with Coinbase is expected to support Worksport in navigating the dynamic digital asset landscape while ensuring compliance with evolving regulations and offering scalable solutions for future digital asset holdings.
Greg Tusar, Coinbase’s Vice President of Institutional Products, expressed excitement at being selected by Worksport for supporting its strategic treasury diversification through cryptocurrencies. Coinbase’s institutional custody platform provides robust security features and regulatory compliance necessary for forward-thinking companies like Worksport.
Investors and interested parties are encouraged to stay informed about Worksport’s developments by joining the company’s mailing list. More information about Worksport and its initiatives can be found on the company’s investor relations website.
It is important to note that forward-looking statements in this press release are based on current beliefs, expectations, and assumptions regarding Worksport’s business and future plans. These statements involve inherent uncertainties and risks, which may cause actual results to differ materially from those indicated in the forward-looking statements.
Investors and stakeholders are advised to review Worksport’s filings with the Securities and Exchange Commission (SEC) for a more detailed understanding of the risks and factors that could affect the company’s actual results. The company does not intend to selectively disclose material non-public information on social media and commits to updating stakeholders on significant information through official channels.
For more information, please visit the Worksport investor relations website.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Worksport’s 8K filing here.
Worksport Company Profile
Worksport Ltd., through its subsidiary, designs and distributes truck tonneau covers in Canada and the United States. The company offers soft tonneau covers, such as vinyl wrapped tri- and quad-fold tonneau covers; and hard tonneau covers, including tri- and quad-fold aluminum covers. It also offers energy products, such as Worksport SOLIS, a tonneau cover with integrated solar panels; and Worksport COR energy storage system, a modular, portable power station.
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