Palantir Technologies revealed that it is preparing for another “black swan event” not dissimilar to the March 2020 crash by stockpiling gold bars and inviting customers to pay for its data analysis software using the precious metal.

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Accepting non-traditional currencies “reflects a world view”

The firm spent $50.7 million on gold this month as part of an unusual investment strategy that also includes startups, blank-check firms and potentially Bitcoin. Palantir previously said it would accept bitcoin as a means of payment before adding precious metals to that list more recently.

A spokeswoman for the firm said nobody has paid in either Bitcoin or gold. Accepting non-traditional currencies “reflects more of a world-view”, Shyam Sankar, the chief operating officer, said in an interview. “You have to be prepared for a future with more black swan events.”

The gold purchase was buried in a securities filing last week for its quarterly financial results and reported earlier this week by Barron’s. The acceptance of hold as payment was not previously reported.

Palantir’s 100-ounce gold bars will be stored in a secure location in the northeastern US, according to the filing. “The company is able to take physical possession of the gold bars stored at the facility at any time with reasonable notice,” wrote Palantir.

The company, co-founded by the tech entrepreneur and billionaire Peter Thiel and Chief Executive Alex Karp, makes software for governments and businesses. It sees itself as a company of free thinkers after having relocated to Denver last year from the echo-chamber in Silicon Valley. Governments have strongly embraced the company to help make sense of black swan events.

The company has some $2.3 billion in cash and is exploring creative uses for that money. In a financial report in May Palantir said that it was considering investing in Bitcoin.

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