Flexport CEO Confirms $8B Company Holds Bitcoin (BTC)

San Francisco-based forwarding and customs brokerage company Flexport holds bitcoin. Ryan Petersen, CEO of Flexport, confirmed this in a recent tweet, although he fell short of revealing the amount of bitcoin the company holds.

On Tuesday, he tweeted:

We don’t disclose that but it’s not zero 🙂

— Ryan Petersen (@typesfast) February 28, 2022

The Flexport CEO’s reply followed an earlier thread where he explained how the freight company was dealing with airspace restrictions amid the ongoing Russia and Ukraine crisis. Petersen noted that the company is highly solvent as it holds $1.6 billion in net assets on its balance sheet, part of which he has now confirmed includes Bitcoin (BTC).

Valued at over $8 billion, Flexport, which was founded in 2013, is one of the fastest growing freight forwarders in the world. The company boasts hundreds of employees and provides services for thousands of customers in several countries globally.

Flexport joins growing list of corporate Bitcoin holders

In the past few years, several companies world over are becoming more receptive to these digital assets, particularly the leading cryptocurrency, Bitcoin.

In recent years, Bitcoin has recorded a significant share of acceptance from several institutions, both financial and otherwise. A noteworthy number of companies now hold and some are still accumulating large amounts of BTC till date.

For instance, early last year, Marathon Patent Group, a NASDAQ-listed digital assets technology company, bought approximately 4,813 BTC at an aggregate purchase price of $150 million. 

Digital payments company Square (now Block) also purchased 3,318 bitcoins for $170 million last year’s October. The company now holds a total of 8,027 bitcoins.

In addition, leading business intelligence and software company, MicroStrategy procured 660 more bitcoins, in January this year, at an approximate price of $25 million. The American company now owns a massive total of 125,051 BTC. With bitcoin trading at $41,218 as of press time, MicroStrategy holds approximately $5 billion worth of BTC which makes the company the largest corporate holder of bitcoins so far.

Without making bulk purchases of the assets, some companies also choose to own cryptocurrencies by giving their customers the freedom to pay for services with specified cryptocurrencies. One such firm is U.S.-based eCommerce store Wellbots, which began accepting cryptocurrency payments at checkout last year.