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Another company has joined the ranks of Tesla and other firms that have adopted crypto as a form of payment. Palantir confirmed that it now accepts Bitcoin (BTC) as a payment option.
During its earnings call for the first quarter of 2020, Palantir said it already started accepting Bitcoin (BTC) payments, according to CNBC. Palantir is a Colorado-based software company that offers analytics tools to large corporations and the defense industry.
The company also revealed that it is considering investing in cryptocurrencies. This was confirmed by Palantir Chief Financial Officer David Glazer when he was asked if he can “see having Bitcoin or any other type of cryptocurrency on its balance sheet.”
“The short answer is yes, we’re thinking about it, and we’ve even discussed internally,” the CFO replied. “Take a look at our balance sheet, $2.3 billion in cash at quarter-end, including $151 million in adjusted free cash flow in Q1. So, it’s definitely on the table from a treasury perspective, as well as other investments, as we look across our business and beyond.”
Peter Thiel, who co-founded Palantir, is a self-proclaimed “pro-crypto, pro-bitcoin maximalist.” He is also known for backing a BTC mining facility in Texas.
If the company’s crypto investment plans push through, it could join the likes of MicroStrategy, Tesla, and other firms that have no direct business in crypto but have decided to hold Bitcoin in their treasuries.
MicroStrategy is among the first publicly listed firms that bought Bitcoin as an investment last year. As of April, it announced that holds 91,579 BTCs, which it acquired at an average price of $24,311 per coin, or a total purchase price of around $2.23 billion.
Bitcoin traded at $56,164 at the time of writing based on Coinmarketcap data. This means that MicroStrategy’s BTC stash, which is the largest holding among publicly listed firms, is now worth $5.14 billion.
