The next wave of corporate Bitcoin adoption seems to be cresting on the horizon. In a trend kicked off by MicroStrategy’s massive BTC buys starting in 2020, a growing number of publicly traded companies are not just talking about a Bitcoin strategy – they’re acting on it by adding the leading cryptocurrency directly to their balance sheets.
The Pioneer: MicroStrategy’s Multi-Billion Dollar Bitcoin Bet
The tidal shift began when MicroStrategy made its first Bitcoin purchase in August 2020. Led by CEO and Bitcoin bull Michael Saylor, the business intelligence firm has gone on to acquire over 130,000 BTC, worth more than $4 billion at current prices. The bold move has paid off, with MicroStrategy’s stock price skyrocketing nearly 2,500% since the initial buy.
MicroStrategy’s Bitcoin acquisition strategy has evolved from using cash on hand to more complex methods like convertible debt, stock offerings, and even Bitcoin-backed loans. By blazing this trail, Saylor and company have provided a roadmap for other corporations looking to add Bitcoin to their balance sheets.
The First Followers: 2024’s Bitcoin Balance Sheet Boom
Fast forward to 2024, and a slew of public companies began following in MicroStrategy’s footsteps by formally adopting Bitcoin as a treasury reserve asset:
- Metaplanet: The Web3 venture firm added BTC to its balance sheet
- Semler Scientific: Medical tech company bought Bitcoin
- MARA Holdings: Bitcoin miner moved BTC onto its corporate books
Dozens of other public companies, especially crypto miners, also achieved success with a Bitcoin strategy during 2024, turning MicroStrategy from an outlier into a trendsetter. Now, in early 2025, the next wave appears to be building.
The Next Wave: Companies Buying Bitcoin in 2025
Already in January, KULR Technology Group became the first to take the plunge, purchasing 430 BTC at an average price of $98,393 for a total allocation of over $40 million. Using a combination of cash and an at-the-market stock offering, KULR’s Bitcoin buy sent its share price soaring over 850% since the announcement.
Other public companies have unveiled plans to acquire Bitcoin for their balance sheets in the near future:
- Acurx Pharmaceuticals: Approved purchase of up to $1M in BTC
- Hoth Therapeutics: Greenlit $1M Bitcoin acquisition
- LQR House: Will allocate $10M of crypto revenue to Bitcoin
- SOS Limited: Set aside $50M for purchasing BTC
While only KULR has executed on its Bitcoin strategy so far in 2025, the others have laid the groundwork by securing board approval and earmarking funds for BTC buys. As they and other companies pull the trigger in the coming months, Bitcoin’s solidifying status as a corporate reserve asset could accelerate further.
Implications of the Bitcoin Balance Sheet Boom
The growing crop of public companies putting Bitcoin on their balance sheets carries profound implications for both the cryptocurrency industry and corporate finance more broadly:
- Validation of Bitcoin as a Reserve Asset: Blue-chip companies holding BTC establishes it as a viable store of value and treasury reserve on par with cash, bonds, gold, and other traditional assets.
- Accelerated Institutional Adoption: Corporate buys of this magnitude provide a new on-ramp for institutional Bitcoin adoption, potentially opening the floodgates for a tidal wave of big money.
- Improving Investor Sentiment & Share Prices: As seen in the examples, a Bitcoin strategy tends to boost a company’s stock price as investors reward forward-thinking and inflation-resistant treasury management.
- Mainstreaming of Cryptocurrency: With major public companies embracing Bitcoin, cryptocurrency takes another major step from a fringe technology to a mainstream financial asset class.
As the trend gathers steam in 2025, it will be fascinating to watch which companies join the Bitcoin balance sheet boom next – and how high their share prices will climb as a result. One thing is clear: in an era of record inflation and economic uncertainty, more and more corporations are betting on Bitcoin as the ultimate reserve asset.
