Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR).
As interest in digital assets continues to rise, a new phase of corporate adoption for bitcoin (BTC) is emerging, with publicly listed companies following MicroStrategy’s lead by adding BTC to their balance sheets .
It all started with MicroStrategy (MSTR) adopting BTC as a Treasury asset in 2020. Since then, its share price has jumped nearly 2,500%. Over the years, the company has bolstered its coin stash through cash, at-the-market (ATM) equity offerings, convertible debt or, more recently, they said they will also use preferred stock offerings.
In 2024, we saw many companies follow suit and implement the bitcoin treasury strategy, such as Metaplanet (3350), Semler Scientific (SMLR), MARA Holdings (MARA), as well as many other miners traded in public that also achieved great success.
Now more companies are joining the party.
The first company to emerge from the second wave is KULR Technology Group (KULR), which trades on the NYSE, has announced a $21 million bitcoin purchase on Monday. This brings its total bitcoin holdings to 430 BTC at a weighted average price of $98,393 per token.
KULR used a combination of an ATM equity program and surplus cash to fund its purchase. Like other pioneers of this strategy, they adopted a BTC yield strategy, reaching 93.7% from December 2024 to January 2025. KULR’s share price has increased by 847% since Nov. 19.
As of January 7, there also seems to be an emergence of publicly traded companies that have announced a bitcoin treasury strategy, but have yet to acquire any bitcoin.
First, Acurx Pharmaceuticals (ACXP)trading on the Nasdaq, whose board approved the purchase of up to $1 million in bitcoin on Nov. 20. The share price has dropped 35% since Nov. 19, but it is up 30% year-to-date.
The same is true for Hoth Therapeutics (HOTH)also on the Nasdaq. Its board approved a $1 million bitcoin purchase, on Nov. 20 but no take yet. However, the share price is up 2% since November 19.
The third company to approve a $1 million bitcoin treasury strategy is listed on the Nasdaq LQR House (YHC). On Nov. 19, the company made the announcement that they also accepted cryptocurrency payments and adopted a policy to keep up to $10 million of these payments in bitcoin. The share price is up 56% since November 19.
The latter company, listed on the NYSE SOS Limited (SOS) approved a $50 million bitcoin purchase on Nov. 27. The announcement was made when bitcoin was $93,000 a token. The share price is down 30% since Nov. 19.
In the second wave, KULR saw massive share price appreciation, compared to other companies. However, LQR House could be an outlier with a share price gain of 57%.
