Nasdaq-listed carbon management company DevvStream Corp. has officially launched its cryptocurrency strategy.
The company announced on Friday that it had purchased $10 million worth of Bitcoin and Solana. DevvStream had previously issued $300 million worth of secured convertible notes to finance its crypto investments.
Founded in 2021, DevvStream provides carbon credits to companies developing renewable energy production, energy efficiency projects, and forest protection initiatives. The company’s new move has placed it among publicly traded companies diversifying their balance sheets with crypto assets. This strategy was initially pioneered by Strategy, a firm focused solely on Bitcoin.
DevvStream stated in a statement that “Bitcoin is a liquid and low-correlation store of value, while Solana, with its high transaction capacity, serves the company’s long-term goals and the sustainability-focused tokenization of the sector.”
In a separate announcement today, the company announced that it is in discussions with Helena Global Investment Opportunities to expand its existing $300 million equity credit line. The funds will be used to further crypto acquisitions and accelerate investments in digital and environmental infrastructure.
*This is not investment advice.