$8 Billion Logistics Firm Holds Bitcoin
Ryan Petersen, CEO of global logistics platform Flexport, posted to Twitter on Monday that the company holds a non-zero amount of Bitcoin on their $1.6B balance sheet. The post was in response to a comment on an earlier thread asking what percentage of the portfolio was “hard money (aka bitcoin).” Although Petersen did not disclose the exact amount, he confirmed that it wasn’t zero.
Flexport is a digital freight forwarder that provides a platform to help businesses manage, trade, transport, and store goods across the globe. According to their website, “Flexport is the next critical platform for modern businesses—the first to connect the entire ecosystem of global trade, empowering buyers, sellers and logistics providers of all sizes to grow and innovate.” Their technology-enabled approach to supply chain management is a welcome sight as pandemic-related supply chain breakdowns continue to disrupt economic activity.
Following a recent Series E funding round, Flexport’s valuation reached $8B after raising $935 million in the late-stage funding round. SoftBank Vision Fund 1, Canadian e-commerce platform Shopify, DST Global and Founders Fund are said to have participated.
Petersen’s original thread described the effects of current events in Russia and Ukraine on global supply chains. Near the end of his thread, Peterson said that Flexport “is fortunate to have over $1.6B in net assets on our balance sheet to allow us to continue to play offense while protecting the interests of our customers, employees, and shareholders through the volatility, uncertainty, and chaos.” He added that “the reason we maintain such a fortress like balance sheet is simple: Planning for the unimaginable is a core part of how we operate.” According to Petersen, Bitcoin is part of that fortress.
Flexport joins several other large companies in holding Bitcoin on their balance sheet, including Michael Saylor’s Microstrategy, Elon Musk’s Tesla, and Jack Dorsey’s BLOCK. Flexport also recently posted the Bitcoin whitepaper to their website.