Turkish Ride-Hailing Giant Marti Bets Big on Bitcoin: 20% of Reserves Now Hodling
Move over, corporate treasury bonds—Marti just turbocharged its balance sheet with crypto.
The Istanbul-based mobility player is diverting a fifth of its war chest into Bitcoin, swapping conventional reserves for digital gold. No timid '1% allocation' here—this is a full-throttle endorsement of Satoshi's invention as institutional-grade collateral.
While legacy finance still debates 'store of value' merits, Marti's vault just got a blockchain upgrade. Cynics whisper about volatility risks, but let's be real—after a decade of central bank money printers, who's the reckless one?
One thing's certain: when ride-hailing apps start mooning harder than their surge pricing, the financial landscape has officially shifted gears.
Oktem says the Bitcoin plan mitigates fiat currency risks
The company’s founder and CEO said his firm’s Bitcoin strategy was aimed at mitigating risks associated with hard currencies. He added that all crypto asset acquisitions would be held indefinitely, with plans to keep stockpiling on different crypto assets like Solana and ethereum in the future.
Marti’s financial reports showed that the company had surpassed its 2025 targets, reaching over 2 million riders and over 300K drivers as of June this year. The milestone marked an 8.3% increase in registered drivers and a 12.7% rise in the number of riders since March. The company has successfully completed over 35 million rides.
“We believe this strategy represents a prudent approach to treasury management, particularly in the current economic environment which carries both inflationary and hard currency risks.”
–Oguz Oktem, Founder and CEO at Marti Technologies
In the press release, the company promised to disclose any further developments regarding its crypto assets reserve strategy. It also mentioned that its new treasury strategy WOULD be executed alongside its traditional holdings in cash, cash equivalents, and securities. The crypto allocations would also apply to surplus cash reserves, not funds needed for everyday running expenses.
Marti dominates tech-enabled transportation services
The ride-hailing company disclosed that it managed a fleet of EVs for hire, including e-mopeds, e-scooters, and e-bikes across the country’s major cities. It provides its tech-enabled transportation services through a mobility app.
Marti went public in July 2023, becoming the first micro-mobility company based in Turkey to be listed in the United States. Following news of the crypto reserve adoption strategy, its shares surged 7% on July 29. However, the price hike didn’t last as the stock prices quickly plummeted again by 6.7%.
The company joined a growing list of public companies that added crypto assets to their balance sheets. It recently announced plans to expand its coverage across Turkish cities. The company currently covers Ankara, Istanbul, Antalya, and Izmir. It will soon broaden its reach to the cities of Konya, Kayseri, Kocaeli, Bursa, Mersin, and Adana.
The expansion will also increase its customer base from 28.8 million to roughly 42.2 million, and increase the company’s team to 260, up from the current 180 employees. The company expects a revenue of $34 million in 2025, with an adjusted EBITDA projection from $3 million to -$17 million.
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