Turkey's mobility super app Marti allocating 20% of cash reserves to crypto, starting with Bitcoin

Key Takeaways

• Marti Technologies is allocating 20% of its cash reserves to digital assets, starting with Bitcoin.
• The allocation focuses on surplus cash, with the company's core business operations and growth plans unchanged.

Marti Technologies, an Istanbul-based ride app, is allocating 20% of its cash reserves to digital assets, starting with Bitcoin, said Oğuz Alper Öktem, the company’s founder and CEO, in a statement on X.

“We aim to ensure that the cash we do not use in our company operations maintains its value under different market conditions,” said Öktem, noting that Marti views Bitcoin and other crypto assets as a “long-term store of value.”

Öktem reassured stakeholders that the move wouldn’t affect Marti’s primary business. Its operational growth plans in mobility and transportation remain intact, and the crypto allocation only applies to surplus cash not needed for day-to-day expenses.

Marti Technologies provides tech-enabled urban transportation services through its mobility app, operating ride-hailing services that connect riders with car, motorcycle, and taxi drivers. The company also manages a fleet of electric vehicles, including e-mopeds, e-bikes, and e-scooters across major Turkish cities.

Marti went public on the NYSE American exchange under the ticker symbol MRT in July 2023, becoming the first major Turkish micro-mobility company to list in the US.

Marti shares jumped 7% in after-hours trading following news of the crypto adoption strategy, Yahoo Finance data shows.