SolarBank has announced that it will adopt Bitcoin as its financial reserve asset

PANews reported on June 3 that, according to Cryptotimes, SolarBank, a developer of solar energy and energy storage projects in North America, announced that it would follow Strategy's lead and use Bitcoin as its financial reserve asset. The company has applied to open a Coinbase Prime account for custody of bitcoin and plans to manage assets in conjunction with a self-custody wallet. SolarBank said the move is aimed at hedging against inflation and fiat currency depreciation, while attracting tech investors who are focused on the crypto and DeFi sectors.

CEO Richard Lu said that bitcoin is in line with its long-term strategy in the energy and financial sectors, but the specific purchase plan will depend on market conditions, bitcoin price and cash flow conditions, and does not rule out the possibility of adjusting the strategy. SolarBank has not purchased any bitcoin at this time, and reiterated that its core business is still the development and operation of renewable energy projects.

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