07:29 AM EST, 01/16/2025 (MT Newswires) -- Goodfood Market ( GDDFF ) on Thursday said it is adopting Bitcoin investment as a treasury reserve asset to strengthen its balance sheet and create long-term shareholder value.

The company completed an initial Bitcoin investment of about $1 million through a spot Exchange-Traded Fund and plans to strategically increase holdings by investing part of future excess cash flows in Bitcoin.

"Accumulating Bitcoin aligns with our long-term focus on value creation, protects against inflation and rising food costs, and leverages its potential as digital capital," said Goodfood Chief Executive Jonathan Ferrari.

The company added that Bitcoin's fixed supply and increasing adoption makes it a compelling store of value with strong potential for capital appreciation.

Shares of the company closed up $0.0250 or 5.8%, to $0.4550 on Wednesday on the Toronto Stock Exchange.