Companies Are Racing to Build Bitcoin Treasuries

Several non-crypto companies are emulating MicroStrategy by buying and storing bitcoin, driving a dramatic 170% rise in corporate-held BTC. Altogether, around 130 public companies now own roughly 3.2% of bitcoin’s total supply. • MicroStrategy (now “Strategy”): Founder Michael Saylor set the trend in August 2020 when his firm started selling shares to buy bitcoin. Their market cap soared beyond the value of their holdings. Now with 592,100 BTC, they continue issuing equity and debt—$42 billion planned over three years—to accumulate more, confident they can weather even a 90% drop. • Twenty One Capital: This new firm emerged in May via a SPAC merger, backed by Tether and SoftBank. With about 37,230 BTC (worth nearly $3.9 billion), it aims to rival Strategy as the leading listed bitcoin accumulation vehicle. • Tesla: Elon Musk’s company first bought $1.5 billion in bitcoin in 2021, briefly sold most of it in 2022, and has since restocked. Tesla recorded a $600 million accounting gain last year thanks to crypto valuation rules. • Metaplanet: Originally a hotel developer, this Tokyo firm pivoted in 2024 to follow Strategy’s model. With 10,000 BTC now, it plans to reach 210,000 by 2027. Eric Trump even advises the company. • Block (formerly Square): Under Jack Dorsey, Block began buying BTC in October 2020. Now the company invests 10% of monthly gross profits from its bitcoin services back into holdings, aiming to solidify bitcoin’s role as the “internet’s native currency.” • Next Technology Holding: The Chinese AI software company jumped from 833 BTC late last year to 5,833 BTC in Q1 2025 after issuing shares and warrants to fund their crypto acquisition strategy. Nasdaq even warned about delisting before the move. • GameStop: The memestock-stock icon entered the bitcoin space in late May, purchasing 4,710 BTC via a $512 million convertible bond offering. Despite initial share-price drops, it’s already preparing a second $2.25 billion bond issue. • Semler Scientific: This US healthcare-tech firm replaced its cash reserves with bitcoin starting in May 2024. With 4,449 BTC bought via cash, equity issuance, and $100 million in bonds, Semler’s share price hasn’t soared—but it’s holding steady at a valuation close to its bitcoin assets. • Trump Media & Technology Group: Though currently holding no bitcoin, Trump’s media firm aims to build a treasury portfolio worth $2.5 billion. No purchases are scheduled yet, but a pro-crypto regulatory push is expected under his influence. Across the board, many of these firms are valued at a premium over their bitcoin holdings , reflecting investor confidence that they can continually issue new shares or bonds to fund purchases—a cycle dubbed the “infinite money glitch.” However, this strategy is untested in a sustained crypto downturn , and heavy debt could leave some companies vulnerable if bitcoin prices collapse.

Source: Coinpaprika