Benzinga | Apr 20, 2021 05:37PM EDT

Benzinga Announces Investment In Crypto As Part Of Corporate Treasury Strategy

Financial media and data provider Benzinga has begun investing in cryptocurrency as part of its new corporate treasury strategy.

What Happened: Benzinga has partnered with crypto brokerage firm TradeStation Crypto, a subsidiary of TradeStation Group, Inc., to allocate a portion of its cash reserves towards crypto.

"As crypto news grows in popularity, Benzinga is making a short-term and long-term financial investment in digital assets," said the company in a press release.

Through its TradeStation crypto account, Benzinga could earn up to 6% per annum on its crypto holdings.

Why It Matters: "We are seeing increased participation in crypto investing at the corporate level, and we're proud to educate and provide companies like Benzinga with the tools needed to invest in crypto assets," said James Putra, Senior Director, Product Strategy at TradeStation Crypto.

Indeed, the media platform joins a list of corporate entities that have adopted Bitcoin (CRYPTO: BTC) and other cryptocurrencies as a part of their treasury management strategy.

To date, 21 publicly traded companies hold a portion of their cash reserves in Bitcoin. This is led by MicroStrategy Incorporated (NASDAQ:MSTR), which has over $5.2 billion worth of Bitcoin, and Tesla Inc (NASDAQ:TSLA), which holds $2.7 billion of the leading digital asset.

"Though not without some added risks, through higher interest rates and a bullish outlook on crypto, Benzinga has the potential to generate more cash in the short-term, while also investing in what could prove to be the monetary system of the future," said Luke Jacobi, Director of Operations at Benzinga.

What Else: Bitcoin is up nearly 5% in the past 24 hours, trading around $57,300 at the time of writing. The overall crypto market cap gained over 9.16% overnight, to cross $2.09 trillion once again.

Read the full press release here.