Turkish company Martı İleri Teknoloji AŞ has announced the creation of a cryptocurrency reserve, allocating 20% of its cash reserves to digital assets, starting with Bitcoin.
Martı and Its Step into Cryptocurrency
Martı İleri Teknoloji AŞ, known for its disputes with taxi drivers, is managed by Oğuz Alper Öktem. The company's founder announced that 20% of its cash reserves will be allocated to cryptocurrencies, primarily Bitcoin. This decision aligns with the growing trend in countries like Germany and Japan, where companies utilize cryptocurrency reserves to enhance their market value.
Strategy Behind Cryptocurrency Reserves
Following the success of companies like MicroStrategy, public companies worldwide have rapidly embraced the idea of cryptocurrency reserves. Martı plans to expand its reserves through increased borrowing, leveraging the rise in Bitcoin prices to enhance the value of its shares.
Martı’s Stock Market Performance
Shares of MARTI (MRT) listed on the NYSE saw an 8% decrease, currently trading at $2.46. The stock is at a six-month low, although it is 49% higher compared to the same period last year. MRT stocks remain attractive to buyers above the $2 mark after reaching a record high of $3.89.
Martı's decision to move into cryptocurrency reserves may attract attention from other companies in Turkey and impact the cryptocurrency market in the country.
