A growing trend among publicly traded companies is seeing the adoption of Bitcoin (BTC) as a strategic asset for corporate treasuries, following in the footsteps of MicroStrategy’s influential move in 2020. MicroStrategy’s early decision to make Bitcoin a core part of its balance sheet resulted in a remarkable 2,500% increase in its share price, fueled by a series of Bitcoin purchases funded through various methods such as equity offerings, convertible debt, and cash reserves.
In 2024, many companies have followed this lead, with names like Metaplanet (3350), Semler Scientific (SMLR), and MARA Holdings (MARA) embracing Bitcoin as part of their treasury strategy. This growing interest in Bitcoin has also spurred success among publicly listed mining companies.
The latest addition to this movement is KULR Technology Group (KULR), which trades on the NYSE. KULR made headlines with its announcement of a $21 million Bitcoin purchase, bringing its total holdings to 430 BTC at an average price of $98,393 per coin. The company funded the purchase through an ATM equity program and its available cash reserves. Furthermore, KULR has implemented a Bitcoin yield strategy, reporting a yield of 93.7% from December 2024 to January 2025. Since November 19, KULR’s stock has surged by 847%.
On the other hand, some companies have made announcements about their Bitcoin treasury strategies without yet completing any acquisitions. Acurx Pharmaceuticals (ACXP), listed on the Nasdaq, received approval from its board on November 20 for a $1 million Bitcoin purchase. Despite a 35% drop in its stock price since then, the company’s year-to-date performance shows a 30% increase.
Similarly, Hoth Therapeutics (HOTH), also Nasdaq-listed, approved a $1 million Bitcoin purchase on November 20, but the purchase has not yet been made. The stock has seen a modest increase of 2% since the announcement.
LQR House (YHC), another Nasdaq-listed company, announced its Bitcoin strategy on November 19, with approval for a $1 million purchase and the acceptance of cryptocurrency payments. The company also plans to retain up to $10 million in Bitcoin. Since this announcement, the stock has appreciated by 56%.
SOS Limited (SOS), trading on the NYSE, approved a $50 million Bitcoin purchase on November 27 when Bitcoin’s price was approximately $93,000 per coin. Despite this, SOS’s stock has fallen by 30% since the approval.
Enlivex Therapeutics (ENLV), another Nasdaq-listed firm, also approved a $1 million Bitcoin purchase on November 20. Its stock has risen by 18% since then.
Among these companies, KULR stands out for its actual Bitcoin acquisition, which has led to significant stock price gains. This highlights the importance of tangible action in the eyes of investors, suggesting that companies that follow through on their Bitcoin plans may see stronger market responses compared to those who only make announcements. As more companies explore the potential benefits of incorporating Bitcoin into their treasury strategies, the cryptocurrency continues to gain traction as a legitimate financial asset in the corporate world.
