Palantir says Bitcoin Is ‘Definitely on the Table’ to be Put on the Balance Sheet
The company, co-founded by Peter Thiel, Joe Lonsdale, and CEO Alex Karp that makes software and analytics tools for large corporations and the defense industry, announced that it accepts Bitcoin during its 1Q21 earnings call, reporting a 49% revenue growth.
Palantir, the maker of software and analytics tools for the defense industry and large corporations, said in its earnings calls that it was considering adding Bitcoin to its balance sheet.
The trillion-dollar market cap cryptocurrency was “definitely on the table,” it said. Palantir also accepts Bitcoin as a form of payment.
Meanwhile, Tesla, which invested $1.5 billion in Bitcoin earlier this year and later announced that it accepted BTC as payment, is now considering accepting DOGE too. This is being decided through a poll conducted by CEO Elon Musk on Twitter. DOGE -4.60% Dogecoin / USD DOGEUSD $ 0.32
-$0.01-4.60% Volume 1.83 b Change -$0.01 Open $0.32 Circulating 129.99 b Market Cap 41.23 b 1 d Reddit Co-Founder Reveals His Strong Beliefs for The Ethereum Blockchain 3 d Flare Network Raises $11 Million in Funding to Bring Smart Contracts to All Blockchains 3 d Solana Labs Raises $314 Million for the 'Next Phase' of Onboarding A Billion Users
“Do you want Tesla to accept Doge?” has received nearly 2.27 million votes so far, with 76.8% in favor.
Meanwhile, the announcement from Palantir comes on the day it reported 49% revenue growth for its first quarter, beating Wall Street estimates. Shares still fell over 10% in the premarket, amidst the tech stock rout continuing since Monday.
Co-founded in 2003 by Peter Thiel, CEO Alex Karp, Joe Lonsdale, and others, the company said its government revenue hit $208 million. It also strengthened its commercial segment, which hit $133 million.
As of this past quarter, it had 140 customers, up from 125 in the first half of 2020. The growth was partly attributed to economic recovery in the US and UK.
Palantir said it expects $360 million in revenue in the second quarter and anticipates an adjusted free cash flow of over $150 million for the full fiscal year.
The company went public last September through a direct listing on the NYSE and is currently worth $30.44 billion.
Bitcoin is a risky investment, said Palantir co-founder Lonsdale last month, adding that it is a bet against the fact that “we have a centralized financial system run by crazy people at the moment.”