Microcap Stocks Turn to Crypto Treasury Plays to Chase Quick Gains
A growing number of thinly traded microcap companies are making splashy announcements about crypto investments in an apparent bid to mimic the market-moving effect that MicroStrategy sparked years ago.
Earlier this month, Classover Holdings (KIDZ), a small education tech firm, revealed plans to raise $400 million through a stock offering to buy Solana. The announcement sent its shares soaring from $1.15 to over $7 within two days, before retreating to $3.69. At the time of the announcement, the company’s market cap was well below $50 million—raising questions about how it would fund the purchase.
Today, two more small firms joined the parade. GD Culture Group (GDC), valued at about $30 million, said it would sell up to $300 million in equity to buy bitcoin and the Trump-themed meme coin TrumpCoin (TRUMP). Amber International Holdings (AMBR), a more sizable microcap at $900 million, announced a $100 million allocation across a basket of top cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, Binance Coin, and SUI.
These announcements follow a familiar pattern: a pivot to crypto as a treasury asset, accompanied by sharp—but often short-lived—spikes in share price. The playbook echoes that of MicroStrategy (MSTR), the enterprise-software firm that began accumulating bitcoin in 2020 and saw its stock rise more than 3,000% as investors treated it as a proxy for BTC exposure.
But unlike MicroStrategy, many of these new entrants lack strong business fundamentals or long-term crypto strategies. Instead, they appear to be chasing headlines in hopes of sparking short-term rallies.
Worksport, a small-cap truck accessories maker, announced bitcoin and XRP purchases last year that briefly lifted its stock. However, with no sustained momentum or follow-through, shares eventually drifted back to prior levels. The company recently confirmed it still holds a modest crypto position and may add more.
Critics note the disconnect between the lofty investment plans and the tiny size of many of these companies. It’s unclear whether firms like Classover or GD Culture actually have access to the capital they claim they’ll invest—or if the announcements are primarily aimed at generating buzz.
Despite the skepticism, the strategy is delivering results in the near term. As long as crypto-related news can move markets, expect more microcap firms to borrow from the MicroStrategy model—even if only in name.
Not all are faking it. Metaplanet in Japan and Semler Scientific in the U.S. have steadily built real bitcoin treasuries, adopting a long-term strategy that echoes MicroStrategy’s conviction. Metaplanet now holds nearly 6,800 BTC, while Semler owns over 3,600 BTC, suggesting that a few firms may indeed be serious about integrating digital assets into their financial infrastructure.
For the rest, however, crypto may simply be the latest tool for stock promotion in a speculative market hungry for headlines.
