Turkish ride-hailing firm Marti announced plans to allocate 20% of its reserves to Bitcoin

Marti, a taxi-hailing company based in Turkey, announced that 20% of its cash reserves would be allocated to crypto assets, with Bitcoin as the initial test coin. The company said it planned to increase this allocation to 50% soon.

Marti’s announcement mentioned that the crypto assets would be held through a regulated custodian with institutional-grade compliance. The firm’s CEO, Oguz Oktem, said his company viewed crypto assets as stores of value for long-term hedging. The company disclosed that its crypto reserve strategy was not expected to interfere with its other business activities. The current execution of business operations and plans will continue as scheduled. 

Oktem says the Bitcoin plan mitigates fiat currency risks

The company’s founder and CEO said his firm’s Bitcoin strategy was aimed at mitigating risks associated with hard currencies. He added that all crypto asset acquisitions would be held indefinitely, with plans to keep stockpiling on different crypto assets like Solana and Ethereum in the future. 

Marti’s financial reports showed that the company had surpassed its 2025 targets, reaching over 2 million riders and over 300K drivers as of June this year. The milestone marked an 8.3% increase in registered drivers and a 12.7% rise in the number of riders since March. The company has successfully completed over 35 million rides.

“We believe this strategy represents a prudent approach to treasury management, particularly in the current economic environment which carries both inflationary and hard currency risks.”

–Oguz Oktem, Founder and CEO at Marti Technologies 

In the press release, the company promised to disclose any further developments regarding its crypto assets reserve strategy. It also mentioned that its new treasury strategy would be executed alongside its traditional holdings in cash, cash equivalents, and securities. The crypto allocations would also apply to surplus cash reserves, not funds needed for everyday running expenses.

Marti dominates tech-enabled transportation services

The ride-hailing company disclosed that it managed a fleet of EVs for hire, including e-mopeds, e-scooters, and e-bikes across the country’s major cities. It provides its tech-enabled transportation services through a mobility app.

Marti went public in July 2023, becoming the first micro-mobility company based in Turkey to be listed in the United States. Following news of the crypto reserve adoption strategy, its shares surged 7% on July 29. However, the price hike didn’t last as the stock prices quickly plummeted again by 6.7%.

The company joined a growing list of public companies that added crypto assets to their balance sheets. It recently announced plans to expand its coverage across Turkish cities. The company currently covers Ankara, Istanbul, Antalya, and Izmir. It will soon broaden its reach to the cities of Konya, Kayseri, Kocaeli, Bursa, Mersin, and Adana. 

The expansion will also increase its customer base from 28.8 million to roughly 42.2 million, and increase the company’s team to 260, up from the current 180 employees. The company expects a revenue of $34 million in 2025, with an adjusted EBITDA projection from $3 million to -$17 million.

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