Palantir Says It May Add Bitcoin to Balance Sheet

Palantir Technologies, an American big data software company, is considering adding Bitcoin to its balance sheet, per an announcement on its earnings call on Monday.

In addition to Bitcoin, Palantir also said that it might also consider holding other cryptocurrencies on its balance sheet.

What is Palantir Technologies?

Palantir Technologies was co-founded by PayPal co-founder Peter Thiel and went public via direct listing (the same approach taken by crypto exchange Coinbase) in September of last year.

Thiel recently described Bitcoin as a "financial weapon" for China, saying the country's approach to the crypto industry should concern the United States. He has also opened a Bitcoin mining facility in Texas. 

Palantir has reportedly relied heavily on government contracts for revenue. In February of last year, the company scored an $800 million contract with the Department of Defense. 

Across the pond, Palantir reportedly benefitted from a £46 million ($65 million) contract from the British government as part of its response to the COVID-19 pandemic. According to Politico, the firm also gained "privileged access" to several UK government officials in the months prior to the contract was secured.

Palantir stock (PLTR) is down 22% in 2021 so far, so some onlookers might see the Bitcoin announcement as a short-term effort to boost shares.