American Residential Warranty (ARW) is the latest to join the cryptocurrency industry by investing in Bitcoin, which is nearing its all-time high.

ARW provides home warranty plans, electronics protection plans, and home security systems. It is partnered with the likes of AIG, Amynta, and Asurion and serves in all 50 states.

Bitcoin investment is part of the company's capital allocation strategy, which is a mix of low-risk, short-term liquidity vehicles and medium to higher-risk securities for longer-term investments.

The decision to invest in the leading digital currency, which has a trillion-dollar market cap, has been in part following in the footsteps of an influx of major companies like Tesla, Square, and MicroStrategy investing in digital assets and part diversification to boost the returns.

“The company made the strategic decision to invest in Bitcoin to expand our investment portfolio and boost returns on cash,” said Josh Brauser, Chief Revenue Officer at American Residential Warranty.

Trading above $56k, Bitcoin price has soared about 14x from its March lows.

Additionally, the company plans to accept Bitcoin payments from its increasingly tech-savvy customers and join other businesses around the world embracing this “new era of global currency.”

The company noted in the official announcement that with cryptos “quickly” becoming a part of our everyday lives, recording millions of daily worldwide transactions, American Residential Warranty is joining the ranks of other major companies adopting crypto payments like Microsoft and Tesla.

This move, the company said, would signal that ARW “is a tech-forward company adapting quickly to emergent technologies.”

For crypto payment capabilities, the company works with gateways like BitPay or CoinPayments and crypto exchange and custodian Gemini to invest directly in Bitcoin.

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