Philadelphia-based custom apparel company, RushOrderTees, has purchased $300,000 worth of Bitcoin, Ethereum and other cryptocurrencies with its cash reserves, according to a March 12 press release.
Coinbase Prime, the brokerage arm of the largest U.S. exchange, facilitated the transaction. It was also responsible for Tesla's $1.5 billion Bitcoin purchase that was announced last month.
RushOrderTees plans to increase its cryptocurrency holdings to $1 million by April.
Being on the cutting edge
CEO Mike Nemeroff—who has personally held cryptocurrencies for several years—says that they offer a "glimpse into the future."
Bitcoin, cryptocurrencies, and blockchain technology offer an exciting glimpse into the future. This is our opportunity to be on the cutting edge of something that has the power to change global commerce forever.
Founded in a garage in 2002, RushOrderTees has grown into one of the largest T-shirt printing companies in the United States, with 250 employees. It is the official apparel provider for the Philadelphia 76ers basketball team.
As reported by U.Today, Chinese beauty app maker Meitu invested $40 million into Bitcoin and Ethereum last week.