Nadaq-listed DevvStream Corp. buys $10 million worth of Bitcoin and Solana as it looks to tokenize carbon credits

Nadaq-listed DevvStream Corp. (ticker DEVS) has kicked off its crypto treasury strategy by deploying $10 million into Solana and Bitcoin, according to an announcement on Friday. The firm previously raised $300 million via senior secured convertible notes to purchase crypto. 

DevvStream, a carbon management firm, is one among a litany of public companies looking to diversify their balance sheets using cryptocurrencies. These firms are increasingly turning to equity and debt sales to finance these operations, in a move kicked off by Bitcoin-only treasury firm Strategy. 

“The Company believes Bitcoin provides a liquid, non-correlated store of value and that Solana’s high-throughput network supports the Company’s long-term objectives in, and the industry’s move towards, sustainability-linked tokenization,” DevvStream wrote in the statement. 

On Friday, DevvStream also announced it is looking to expand an existing equity line of credit with Helena Global Investment Opportunities to $300 million, which would fund additional crypto purchases and “accelerate investment in digital and environmental infrastructure.”

Founded in 2021, DevvStream offers carbon credits for firms that develop renewable energy generation, energy efficiency improvements, and forest conservation initiatives. 

A carbon credit is a tradable certificate representing one metric ton of carbon dioxide equivalent that is either prevented from being emitted or removed from the atmosphere. Many in the blockchain industry have theorized that these tradable certificates — bought by firms looking to offset their carbon footprint — should be tokenized. 

Many of the leading crypto carbon credit initiatives are built on the scalable Solana blockchain. The Solana Foundation itself purchases carbon credits to make the blockchain carbon neutral. 

“Combined with the planned expansion of our credit facility, we believe we are strengthening our balance sheet and positioning DevvStream to execute on tokenizing high-value environmental assets at scale,” CEO Sunny Trin said in a statement.