A car restoration company in Florida is taking a new approach to managing its finances by adding Bitcoin
ECD Automotive Design, known for rebuilding classic Land Rovers and Jaguars, has signed a $500 million equity deal with ECDA Bitcoin Treasury LLC.
This agreement allows ECD to raise funds by selling company shares in exchange for cash, which will be used to buy Bitcoin. Some of the funds will also support the company’s daily operations and future plans.
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The company also aims to connect more closely with customers who are actively involved in the crypto industry. Many of these buyers have earned significant income from digital assets and may be looking to spend it on something more tangible, like a custom vehicle.
To attract these clients, ECD is offering a $21,000 credit for vehicle upgrades to the first 21 people who purchase a car with Bitcoin.
ECD already accepts crypto payments through BitPay, so this decision builds on existing efforts. The company hopes the added funds will support both its vehicle sales and its Bitcoin strategy.
Ben Piggott, ECD’s chief financial officer, said the funding deal helps strengthen the company and provides a new way to manage its finances using Bitcoin.
ECD sees Bitcoin as a long-term asset and wants to follow other public companies that have recently added it to their treasuries. Instead of using all the funds at once, the company will add Bitcoin gradually.
Recently, GameStop, an American video game retailer, confirmed it holds Bitcoin as part of its financial strategy. What did the company say? Read the full story.
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