Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR).
As curiosity in digital belongings continues to rise, a brand new section of company adoption for bitcoin (BTC) seems to be taking form, with publicly listed corporations following MicroStrategy’s lead by including BTC to their steadiness sheets.
It began with MicroStrategy (MSTR) adopting BTC as Treasury asset in 2020. Since then, its share worth has jumped virtually 2,500%. Over time, the corporate has boosted its coin stash via money, at-the-market (ATM) fairness choices, convertible debt or, extra lately they mentioned they might additionally use most popular inventory choices.
In 2024, we noticed a number of firms comply with go well with and undertake a bitcoin treasury technique, corresponding to Metaplanet (3350), Semler Scientific (SMLR), MARA Holdings (MARA), in addition to many different publicly traded miners which have additionally achieved nice success.
Now extra corporations are becoming a member of the celebration.
The primary firm rising from the second wave is KULR Know-how Group (KULR), which trades on the NYSE, introduced a $21 million bitcoin buy on Monday. This takes its whole bitcoin holding to 430 BTC at a median weighted worth of $98,393 per token.
KULR has leveraged a mixture of an ATM fairness program and surplus money to fund its buy. Like the opposite pioneers of this technique, they’ve adopted a BTC yield technique, coming in at 93.7% from December 2024 to January 2025. KULR’s share worth has been up 847% since Nov. 19.
As of Jan. 7, there additionally appears to be an emergence of publicly traded firms which have introduced a bitcoin treasury technique, however have but to amass any bitcoin.
First up, Acurx Prescribed drugs (ACXP), buying and selling on the Nasdaq, whose board accepted a purchase order of as much as $1 million in bitcoin on Nov. 20. The share worth has been down 35% since Nov. 19, however it’s up 30% year-to-date.
The identical is true for Hoth Therapeutics (HOTH), additionally on the Nasdaq. Its board accepted a $1 million bitcoin buy, again in Nov. 20 however there was no acquisition but. Nevertheless, the share worth is up 2% since Nov. 19.
The third firm to have accepted a $1 million bitcoin treasury technique is Nasdaq-listed LQR Home (YHC). On Nov. 19, the agency made the announcement that they’ve additionally accepted cryptocurrency funds and adopted a coverage to retain as much as $10 million of those funds in bitcoin. The share worth is up 56% since Nov. 19.
The final firm, NYSE-listed SOS Restricted (SOS) accepted a $50 million buy of bitcoin on Nov. 27. The announcement was made when bitcoin was $93,000 a token. The share worth has been down 30% since Nov. 19.
Within the second wave KULR has seen huge share worth appreciation, in comparison with the opposite firms. Nevertheless, LQR Home could possibly be an outlier with a share worth acquire of 57%.
