Philly's t-shirt firm distributes $1M of Money To BTC/ETH
Crypto Investor - Tyler
RushOrderTees, a t-shirt company, has made plans to buy about $1 million worth of crypto with its cash reserves.
Reportedly, the business bought about $300,000 in Bitcoin (BTC) in the last month and will "ramp to $1 million in crypto holdings by the end of April" the public announcement stated. The switch from RushOrderTees is another indication of the growing acceptance and standardization of digital investment assets.
RushOrderTees is a customized shirt and clothing designer headquartered in Philadelphia, PA. They welcome orders ranging from single-unit sales to large-scale garments.
The corporation also promotes a relationship with NBA’s Philadelphia 76ers, according to the company's website.
While Bitcoin investing has had its ups and downs over the years, asset values have surged in recent months, smashing its 2017 record high price of nearly $20,000 in December 2020. Since then BTC has managed to blow up the trail, soaring past $57,000.
"Bitcoin, cryptocurrencies, and blockchain technology offer an exciting glimpse into the future," said Mike Nemeroff, CEO of RushOrderTees.
A host of other firms have already transferred some of their company's money to Bitcoin investments, with further planned results. MicroStrategy invested more than $2 billion into the currency, and Tesla acquired BTC $1.5 billion in 2021. Square and MassMutual were both buying Bitcoin in the last few months.
Nemeroff is no newcomer to crypto space, as the CEO himself has allegedly been buying crypto over the years.