Octagon Networks, First Firm to Convert Balance Sheet to Bitcoin


  • Octagon Networks has converted its entire balance sheet into bitcoin upon being inspired by MicroStrategy.
  • The company shall also be accepting bitcoin payments for all of its services with 50% discount.
  • Octagon Networks hasn’t disclosed the exact amount that is invested in Bitcoin.

Octagon Networks, a cyber security research and development company, was started around Q1 of 2022 in Addis Ababa, Ethiopia. Ever since its inception, it has evolved and expanded to employ over 20 skilled and talented ethical hackers and software developers in the US and across the globe.

Octagon Networks has successfully converted its liquid assets and balance sheet into bitcoin and will soon start accepting bitcoin payments for all its service. Furthermore, it will offer a 50% discount for payments done through bitcoin.

The news was shared by Bitcoin Archive through a tweet:

Also Read: Chipotle Allows Customers to Pay Through Cryptocurrency

Paulos Yibelo, Managing Partner at Octagon Networks shared that the company took its inspiration from U.S-based firm MicroStrategy. He further said:

We believe Bitcoin will lead the world toward a better future. Bitcoin will help accelerate our other goals to bring high-quality cybersecurity solutions to the masses and help tackle the complicated bureaucracy involved with acquiring international customers and talent.

The organization said that it has always been open towards bitcoin and appreciates its contributions to the advancement of humanity. Another reason it praises bitcoin is that the cryptocurrency has supported the firm to expand its work across borders. Despite not being a big company or brand, Octagon Networks is the first cyber security company that has converted its assets into bitcoin and is on its way to accept bitcoin payments.

Sharing the same, Octagon Networks posted a tweet:

The company has high hopes from the cryptocurrency and believes that it will take the world towards a better tomorrow. It hopes that through bitcoin, it will approach its goals in a better way and make superior cybersecurity solutions available to the masses besides supporting to handle the difficult bureaucracy involved with acquiring international customers and talent.

Octagon Networks has made many free contributions to secure over 1.5 million devices worldwide. It has reported as well as disclosed widely spread critical vulnerabilities affecting applications, Network Attached Storage, web servers and various other internet-of-things devices in private and through blog.