Palantir Technologies (NYSE"PLTR) says it is preparing for another "black swan event" by stockpiling gold bars and inviting customers to pay for its data analysis software in gold.
The company has spent $50.7 million U.S. on gold, part of an unusual investment strategy that also includes blank-cheque companies and Bitcoin. Palantir had previously said it would accept Bitcoin as a form of payment before adding gold more recently.
Palantir said no customers have yet paid in either Bitcoin or gold but that the company wants to be "prepared for a future with more black swan events."
A black swan is a random and unpredictable event such as the COVID-19 pandemic.
The gold purchase was buried in a securities filing for Palantir’s quarterly financial results. Palantir’s 100-ounce gold bars will be kept in a secure location in the northeastern U.S., according to the company’s regulatory filing.
Palantir, co-founded by technology billionaire Peter Thiel and Chief Executive Officer Alex Karp, makes software used by governments and businesses. Governments have strongly embraced Palantir’s software to help them make sense of the pandemic.
Palantir has $2.3 billion U.S. in cash and is exploring creative uses for that money. Palantir said in May that it was considering investing in Bitcoin. And it’s taking stakes in various start-ups that are customers of its software, an approach that helped buoy sales during the second quarter.
Tech Insider
