July 29, 2021

Philly t-shirt company allocates $1M of its cash reserves to BTC / ETH

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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 isTitle: Philly t-shirt company allocates $1M of its cash reserves to BTC / ETH
Sourced From: cointelegraph.com/news/philly-t-shirt-company-allocates-1m-of-its-cash-reserves-to-btc-eth
Published Date: Fri, 12 Mar 2021 20:30:51 +0000