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Benzinga was founded with the mission of empowering the individual investor. Over the past 12 months, our readers have pressed us for more cryptocurrency coverage, and we are proud to report more than 8 million cryptocurrency readers over the past 30 days.
Today we are very excited about the major milestone on our path to becoming the best financial ecosystem and data provider democratizing finance.
In order to align ourselves with our readers and not just talk about markets we aren’t engaged in, we are moving part of our corporate treasury into cryptocurrency.
The move is made to showcase the important place the cryptocurrency industry has taken in the world’s financial system.
To date, 21 publicly traded companies hold a portion of their cash reserves in Bitcoin. This is led by MicroStrategy Incorporated (NASDAQ: MSTR), which has over $5.2 billion worth of Bitcoin, and Tesla Inc (NASDAQ: TSLA), which holds $2.7 billion of the leading digital asset.
“Our coverage of crypto markets has become a cornerstone of the financial news we provide,” says Jason Raznick, CEO and Founder of Benzinga. “Moving part of our corporate treasury to crypto is the best way I know to be in the trenches with our readers and align our words and actions.”
Cryptocurrency is not only futuristic and, in the view of Benzinga’s Director of Operations, Luke Jacobi, “a pivotal technology with the power to change the future of money,” it is also an effective means of providing stable interest rates that are an order of magnitude higher than can be achieved through traditional treasury accounts. Interest generated from our investments in Stablecoins such as USDC can provide up to a 6% interest rate.
Read the full announcement here.