RushOrderTees, a t-shirt printing and embroidery company, intends to buy $ 1 million worth of crypto with its cash reserves, according to a recently announced announcement.
“The company has bought $ 300,000 in Bitcoin and other cryptocurrencies so far last month and will grow to $ 1 million in crypto holdings by the end of April,” said a March 12 public statement. The move from RushOrderTees is another sign of acceptance and normalization of investing in digital assets.
RushOrderTees is a custom shirt and apparel manufacturer based in Philadelphia, PA. They accept orders that range from single purchases to large runs. According to the company’s website, the company is even promoting a partnership with the NBA’s Philadelphia 76ers.
Although Bitcoin (BTC) has seen ups and downs over the years, the asset’s price has risen in recent months, breaking its record price of 2017 near $ 20,000 in December 2020. BTC has been on an upward trend since then and recently soared above $ 57,000.
“Bitcoin, cryptocurrencies and blockchain technology offer exciting glimpses of the future,” said Mike Nemeroff, CEO of RushOrderTees, in the statement. “This is our chance to be on the cutting edge that has the power to change global trade forever.”
A number of other companies have also switched part of their corporate assets to Bitcoin, with more expected to follow. MicroStrategy has invested more than $ 2 billion in capital in the currency, and Tesla purchased BTC worth $ 1.5 billion in 2021. Square and MassMutual have also bought Bitcoin in the past few months.
Nemeroff is no stranger to the crypto space as the CEO has reportedly bought crypto himself over the years, including the statement.