Roughly 30 percent of the $1 million has already been set toward crypto purchases.
"The company has so far bought $300k in Bitcoin and other cryptocurrencies within the past month and will ramp to $1 million at crypto holdings at the end of April," a March 12 public announcement said. The move in RushOrderTees is just another sign of adoption along with a normalization of digital asset investing.
RushOrderTees is a custom shirt and apparel maker based in Philadelphia, PA.. They accept orders which vary from single unit buys to large scale apparel runs. The business even touts a partnership with the NBA's Philadelphia 76ers, based into the organization's website.
Although Bitcoin (BTC) has had its ups and downs over the years, the asset's cost has surged lately, dividing its 2017 record cost high near $20,000 at December 2020. BTC has continued blazing an up course since then, lately flying beyond $57,000.
"This is the chance to be on the very edge of something that has the power to change global commerce forever."
A range of other businesses have also transformed some of their company's assets to Bitcoin, with more expected to follow along. MicroStrategy has set over $2 billion of capital toward the currency, and Tesla purchased $1.5 billion worth of BTC in 2021. Square and MassMutual also have purchased Bitcoin in recent months.
Nemeroff is no stranger to the crypto area, as the CEO himself has reportedly bought crypto over the years, the statement contained.