Solar energy firm SolarBank has announced its Bitcoin treasury strategy with plans to integrate BTC as a strategic reserve asset. According to SolarBank’s press release, the company is a leader in clean energy, solar energy, and battery storage.
The decision comes after companies like Strategy and SharpLink have invested—and in the case of Strategy, continue to invest—in cryptocurrencies like Bitcoin and Ethereum. To execute this strategy, SolarBank filed an account opening application with Coinbase Prime, which will help the solar energy firm with custody services, USDC services, and a self-custody wallet for its bitcoin.
The press release cites many advantages of this new strategy, such as financial resilience, an offset from its clean energy operations, market appeal, and competitive differentiation.
“As the adoption of Bitcoin continues to grow, SolarBank believes that establishing a Bitcoin treasury strategy taps into a growing sector that is seeing increasing adoption. In a world of ever-increasing energy demand and treasury complexity, SolarBank delivers renewable energy solutions and recurring revenues, now combined with all of the benefits of holding Bitcoin,” said Dr Richard Lu, CEO and President of SolarBank.
The timing and amount of Bitcoin purchased every time will depend on the allocation strategy, which is to be decided by management, the company said. Bitcoin investments will depend on other factors too, such as the price of Bitcoin and the company’s cash needs.
