Kontrol Technologies, a Canadian public company that provides various solutions linked to smart buildings and smart cities, has announced the addition of Bitcoin to its balance sheet in a Friday press release.
The company has purchased $1 million worth of Bitcoin, and it plans to continue buying the cryptocurrency in the future with its cash flows and treasury assets, adopting a MicroStrategy-like strategy.
The shares of Kontrol Technologies Corp Instrument Symbol (KNR-NE) are up 4.88% on the announcement.
Kontrol CEO Paul Ghezzi took note of the cryptocurrency’s growing institutional adoption in his statement, arguing that it is the right time for the company to jump on the Bitcoin train.
The company’s decision to put money into Bitcoin might raise some eyebrows given that it is focused on sustainable energy and efficiency. Some might argue that such an investment might undermine its goal of advancing green building, given that Bitcoin is widely known as a major energy hog.
However, Ghezzi has noted that Bitcoin mining is becoming increasingly green, with miners using such renewable energy sources as solar power and wind.
Apart from adding Bitcoin to its balance sheet, Kontrol Technologies is also exploring potential partnerships in the mining sector in order to utilize surplus energy for powering building infrastructure. The company has yet to secure any agreements of this kind.
In other news, business intelligence firm MicroStrategy recently announced its plan to raise as much as $42 billion in order to fund its future Bitcoin purchases. The Virginia-based firm has so far accumulated $17.8 billion in the leading cryptocurrency.