Jiuzi Holdings, a Hangzhou-based operator of new energy vehicle charging stations, said on Wednesday that its board has approved a new crypto treasury policy authorizing up to $1 billion in digital asset purchases.
The plan will initially cover bitcoin, ethereum, and BNB, with any expansion into other tokens requiring reassessment and additional board approval.
The company emphasized that it will not self-custody its holdings, but instead rely on external providers it considers top tier in security. Oversight will be conducted through a newly formed Crypto Asset Risk Committee led by Chief Financial Officer Huijie Gao, with regular reporting obligations to the board and public disclosure through Securities and Exchange Commission Form 6-K filings.
The move coincides with the appointment of Dr. Doug Buerger as Chief Operating Officer, tasked with leading the treasury initiative. Buerger, described as an industry veteran with blockchain and AI experience, said Jiuzi views crypto assets as long-term hedges against macroeconomic uncertainty rather than speculative trades. CEO Tao Li added that adopting the policy is intended to “safeguard and enhance long-term shareholder value.”
The company, which specializes in high-power DC fast chargers for new energy vehicles in China’s lower-tier cities, saw its stock (JZXN) surge more than 40% in premarket trading following the announcement.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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Source: https://blockworks.co/news/jiuzi-holdings-bitcoin-investment
