In a significant strategic move, Marti Technologies, Turkey’s prominent ride-hailing platform, has announced a treasury management pivot, allocating 20% of its cash reserves to Bitcoin. This initial foray into digital assets, with potential to increase to 50%, positions the company as a notable entrant among publicly traded firms embracing cryptocurrencies as a hedge against traditional financial risks and a long-term store of value.
- Marti Technologies has allocated 20% of its cash reserves to Bitcoin, with potential to increase to 50%.
- Founder and CEO Oguz Oktem cited fiat currency volatility as a primary driver for the decision.
- The company’s Bitcoin holdings will be managed through a regulated custodian.
- Marti went public in July 2023, becoming the first Turkish micro-mobility firm listed in the United States.
- By June of this year, Marti reported surpassing its 2025 targets, with over 2 million riders and 300,000 drivers.
- The company plans to expand its service to six additional Turkish cities, increasing its addressable market.
Oguz Oktem, Marti’s Founder and CEO, articulated the rationale behind this decision, emphasizing its role in mitigating risks associated with fiat currency volatility. The company intends to hold these crypto assets indefinitely, with future considerations for diversifying into other digital assets like Solana and Ethereum. Marti has confirmed that these holdings will be managed through a regulated custodian, ensuring institutional-grade compliance and security, and will not impact ongoing business operations or planned expansions.
Marti’s Market Dominance and Growth Trajectory
Marti operates a substantial fleet of electric vehicles, including e-mopeds, e-scooters, and e-bikes, providing tech-enabled transportation services across Turkey’s major urban centers via its mobility application. The company, which went public in July 2023, becoming the first Turkish micro-mobility firm listed in the United States, has demonstrated robust operational growth since its debut.
As of June this year, Marti reported surpassing its 2025 targets, with over 2 million riders and 300,000 drivers. This represents an 8.3% increase in registered drivers and a 12.7% rise in riders since March, culminating in over 35 million completed 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,” stated Oguz Oktem, underscoring the company’s proactive stance on financial resilience.
Financial Outlook and Strategic Expansion
The company’s financial projections for 2025 include an expected revenue of $34 million and an adjusted EBITDA projection ranging from $3 million to -$17 million. Alongside its new treasury strategy, Marti is executing ambitious expansion plans. Currently serving Ankara, Istanbul, Antalya, and Izmir, the company aims to extend its reach to Konya, Kayseri, Kocaeli, Bursa, Mersin, and Adana. This expansion is projected to increase its addressable customer base from 28.8 million to approximately 42.2 million, significantly broadening its market penetration. Furthermore, this growth trajectory is expected to scale its team from 180 to 260 employees, supporting increased operational demands.
Market Reaction and Industry Trend
Following the announcement of its crypto reserve adoption strategy on July 29, Marti’s shares experienced an initial surge of 7%. However, this upward movement was short-lived, with stock prices subsequently declining by 6.7%. Marti’s decision aligns with a growing trend among publicly listed corporations to incorporate digital assets into their balance sheets, recognizing their potential as an alternative asset class for corporate treasuries. This trend reflects a broader shift in corporate finance strategies, as companies seek innovative ways to manage capital and hedge against macroeconomic uncertainties.
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