Business
Banzai Board of Directors Approves Purchase of Bitcoin as Treasury Reserve Asset
SEATTLE, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that
About this update from Banzai International, Inc.
[{"type":"text","content":"SEATTLE, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Banzai International, Inc. (NASDAQ: BNZI) (“Banzai” or the “Company”), a leading marketing technology company that provides essential marketing and sales solutions, today announced that its Board of Directors has approved the purchase of Bitcoin as a treasury reserve asset. The Company’s Board of Directors has authorized Banzai to use company funds to purchase and hold an amount of Bitcoin comprising up to 10% of the Company’s corporate treasury account for the purpose of diversifying its financial holdings and hedging against inflation. “With our strong balance sheet and ending Q3 2024 cash of $4.3 million at an all-time high, we believe Bitcoin will diversify our treasury holdings and position us to benefit from Bitcoin’s prospective long-term value,” said Joe Davy, Founder and CEO of Banzai. “With growing support and increased institutional adoption, Bitcoin is rapidly becoming a primary asset class. This diversification strategy aligns with other recent improvements to our balance sheet and cost structure to set us up for sustainable profitability in the future and will not impact our growth plans. We will continue to focus on growth through re-engineering and expanded sales efforts for our expanding product line. We believe Bitcoin will be an additional tool in our financial management toolkit and help to deliver long-term value for our shareholders.” About Banzai Banzai is a marketing technology company that provides AI-enabled marketing and sales solutions for businesses of all sizes. On a mission to help their customers grow, Banzai enables companies of all sizes to target, engage, and measure both new and existing customers more effectively. Banzai customers include Cisco, New York Life, Hewlett Packard Enterprise, Thermo Fisher Scientific, Thinkific, Doodle and ActiveCampaign, among thousands of others. Learn more at www.banzai.io. For investors, please visit https://ir.banzai.io. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often use words such as “believe,” “may,” “will,” “estimate,” “target,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “propose,” “plan,” “project,” “forecast,” “predict,” “potential,” “seek,” “future...